Revenues of Georgian Oil and Gas Corporation up

Oil&Gas Materials 26 May 2020 09:30 (UTC +04:00)
Revenues of Georgian Oil and Gas Corporation up

BAKU, Azerbaijan, May 26

By Tamilla Mammadova - Trend:

Total revenues of Georgian Oil and Gas Corporation (GOGC) increased by 37 percent in 2019 year-on-year and amounted to 880.6 million lari ($276.7 million), Trend reports with reference to GOGC.

This is while the company's net profit stood at 121.4 million lari ($38.1 million), which is 22.8 percent less compared to 2018.

Total assets of GOGC increased by 11.4 percent in 2019, up to 1.88 billion lari ($590.8 million). The assets of the company include main gas pipelines, Gardabani 1 and Gardabani 2 combined cycle power plants. The last one was put into operation late 2019.

As reported, the company’s basic income is generated from natural gas sales. GOGC buys it from Azerbaijan's state oil company SOCAR under the agreement between the two companies.

The company’s revenues included income from the sale of natural gas totaling 576 million lari ($181 million); electricity supply - 225 million lari ($70.7 million) and crude oil trade - 15 million lari ($4.7 million).

Pipeline rental income (Baku-Tbilisi-Ceyhan and Baku Supsa pipelines) in 2019 reached 43 million lari ($13.5 million).

Meanwhile, revenue from oil transportation via Baku-Supsa amounted to 21 million lari ($6.6 million).

The GOGC has renewed a contract with the Russian company Gazprom Export.

According to the document, the tariff for the supply of natural gas between the parties was renewed in April 2020 (the tariff is secret) and will be valid until December 31, 2020.

In addition, in April GOGC renewed the contract with the State Oil Company of Azerbaijan (SOCAR Gas Export-Import). The new agreement provides for a reduction in social gas tariffs in Georgia by 2020.

Georgian Oil and Gas Corporation JSC 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.


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