Georgian Oil & Gas Corporation announces results of 2019 and plans for 2020

Oil&Gas Materials 26 December 2019 18:28 (UTC +04:00)
Georgian Oil & Gas Corporation announces results of 2019 and plans for 2020

BAKU, Azerbaijan, December 26

By Tamilla Mammadova – Trend:

The Georgian Oil and Gas Corporation (GOGC) plans to implement new energy projects in 2020, Trend reports citing the Ministry of Economy and Sustainable Development of Georgia.

The ministry and GOGC discussed the annual report of the Georgian Oil and Gas Corporation for 2019 and its plans for the future.

The meeting was attended by Minister of Economy Natia Turnava, Deputy Minister David Tvalabeishvili and GOGC officials.

According to the Ministry of Economy, GOGC is the main structure to ensure the reliability of natural gas supplies. In addition, the corporation is the representative of the Georgian government in large projects on oil and gas transit.

GOGC fully funded the construction of Gardabani 2 thermal power plant (TPP). This is a modern combined-cycle technology with a capacity of 230 MW. By the beginning of 2020, the power plant will be fully commissioned and will begin to supply electricity to the unified energy system of Georgia.

Another priority area of ​​the corporation's activity is the construction and reconstruction of gas pipelines in Georgia and provide gas supply to the regions of the country which have not been supplied with gas before.

In 2020, the oil and gas corporation intends to launch, among others, a project on the construction of underground gas storage to be completed in 2024.

As reported, GOGC also plans to issue Eurobonds worth 300 million euros in 2020.

At the meeting, the results of GOGC activities in 2019 were assessed as positive.


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