BAKU, Azerbaijan, Feb. 9
By Tamilla Mammadova – Trend:
One of the projects implemented by the Georgian Oil and Gas Corporation (GOGC) is the construction of a new gas station in Rustavi, CEO of the GOGC Georgi Bakhtadze said, Trend reports citing Georgian media.
“We have already completed construction; the gas station will be connected to the network in the coming days. The corporation invested 9 million lari ($3.1 million) in this project,” Bakhtadze said.
The CEO also noted the importance of the Adigeni-Goderdzi gas pipeline.
“The construction of the Adigeni-Goderdzi gas pipeline was completed in eight months. The project was carried out by decision of the government of Georgia in order to improve the socio-economic situation of the mountainous region of Adjara and to develop the Goderdzi ski resort. We built this gas pipeline at the expense of our corporation’s financial resources,” he said.
According to Bakhtadze, in 2019, the corporation carried out rehabilitation of 97-kilometer gas pipeline throughout Georgia.
“Last year, the Fitch rating agency upgraded the credit rating of the corporation, although it stated that future corporate projects, such as an underground gas pipeline, would pose certain financial risks for GOGC,” Bakhtadze said.
According to him, seriousness of the risks associated with the pipeline project depends on the complexity of the project and its cost.
JSC Georgian Oil and Gas Corporation is a multidisciplinary company operating in various fields of energy. It has the status of the National Oil Company and protects the interests of the state in production sharing agreements signed with investors.
Follow the author on Twitter: @Mila61979356