Georgian Oil & Gas Corporation plans to issue Eurobonds

Oil&Gas Materials 4 January 2020 11:00 (UTC +04:00)

BAKU, Azerbaijan, Jan. 4

By Tamilla Mammadova – Trend:

Georgian Oil and Gas Corporation (GOGC) plans to issue Eurobonds worth 300 million euro, Trend reports with reference to the corporation's website.

According to GOGC, refinancing of existing Eurobonds is planned in April 2020 and as a result, 300 million of Eurobonds will be issued.

"Full redemption of $250 million bonds will be made," the statement said.

As reported, GOGC placed $250 million worth of bonds on the London Stock Exchange for the first time in 2012.

In April 2016, the corporation refinanced it with a new loan of $250 million.

According to Georgian investment company Galt & Taggart, the price of a GOGC bond on the London Stock Exchange rose by 0.15 percent to $104.6 in the last week of 2019. The bond coupon rate is 6.75 percent.

In addition, 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.

JSC Georgian Oil and Gas Corporation is a diversified company with business activities in various segments of energy. It has the status of the National Oil Company and protects state interests in the Production Sharing Agreements signed with investors.

As the owner of the main gas pipeline system of Georgia, GOGC plays a major role in ensuring the energy security of the state. It contributes to unimpeded operation of transboundary oil and gas transportation systems on the territory of Georgia, which significantly increases the security of the country’s, EU and international energy markets.

GOGC also supports development of new transit routes for full use of the energy potential of the Caspian and the Black Sea basins and further integration of Georgia into regional/global economic and political structures. GOGC diversifies its business activities, focuses on competitive power under the unified liberalized market conditions, and introduces modern management skills.


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