BAKU, Azerbaijan, Dec. 8
By Maryana Akhmedova – Trend:
The first phase of the construction of the underground gas reservoir in Georgia is planned for 2022, and negotiations with donor organizations are actively underway, the Deputy Minister of Economy and Sustainable Development Davit Tvalabeishvili said, Trend reports via Georgian media.
“The funds allocated for the construction of an underground gas storage facility were withdrawn due to the COVID-19 pandemic. However, we are going to continue towards the first phase of the construction with the involvement of the German Development Bank (KfW). We are also negotiating with other financial institutions on the project funding,” Davit Tvalabeishvili said.
Georgian Oil and Gas Corporation JSC continues negotiations with the European Investment Bank (EIB) to raise an additional $100 million for the construction of an underground gas storage facility, which, together with funding from the KfW, will be sufficient for the project.
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