SOCAR invests heavily in Georgia
BAKU – Azerbaijan state oil company SOCAR has invested over $470 million in Georgian economy, Trend reported quoting a source in the Azeri government.
SOCAR invested heavily in Georgia’s gas distribution network. The company owns the oil terminals in Kulevi as well.
SOCAR also developed its business in the retail sales of oil products in Georgia. Currently, about 37 petrol stations operate under SOCAR brand in many regions of Georgia.
SOCAR intends to open 23 more petrol stations in Georgia by late 2010, bringing the total number of oil units to up to 60.
SOCAR interests in Georgia are represented by its subsidiary SOCAR Energy Georgia, which is co-founded by SOCAR (51 percent shares), Petro-Trans FZCO (24.5 percent shares) and Ivan Chkhartishvili (24.5 percent shares).
Azerbaijan is exporting its oil and gas to world markets via Georgia, using the Baku-Tbilisi-Ceyhan and the Baku-Tbilisi-Erzurum oil and gas pipelines.
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