SOCAR Joins Shareholders of Odessa-Borda-Plotsk

Oil&Gas Materials 12 July 2007 16:24 (UTC +04:00)

Azerbaijan, Baku / Trend / The State Oil Company of Azerbaijan (SOCAR), Georgian Oil and Gas Corporation (GOGC), and Lithuanian Klaipedos Nafta joined the shareholders of the Ukrainian-Polish Company of Sarmatiya, Ukrainian media sources reports.

The shareholders of Sarmatiya, Ukrainian Ukrtransneft, and Polish PERN Przyjazn made a decision at a meeting on 11 July in Warsaw to increase the authorized capital of the Company and number of shareholders. The authorized capital was increased from 2mln to 12mln zloty (nearly $4.4mln).

Each of the companies, Ukrtransneft, PERN, SOCAR, and GOGC, will acquire 24.75% of the Company's share and - Klaipedos Nafta - 1%.

It is not excluded that the share of the Lithuanian Klaipedos Nafta will increase, as well as Kazakh GazMunayGaz will joint the company in the future.

Last week in Warsaw, representatives of the Ukraine, Poland, Azerbaijan, Georgia, and Lithuania discussed the expansion of the number of shareholders of Sarmatiya.

In May during the energy summit in Poland's city of Krakow, the Presidents of the Ukraine, Poland, Azerbaijan, Georgia, Lithuania, and special representative of Kazakh President reached an agreement to establish an inter-governmental working group to develop the project on transportation of Caspian oil to the European market.

Sarmatiya was established on 12 July 2004 by Ukrtransneft and PERN to attract investments for projecting and the construction of the Odessa-Borda pipeline up to Plotsk.