SOCAR to invest $28 million in Georgia’s gas distribution system in second trading year

The State Oil Company of Azerbaijan (SOCAR) plans to realize an investment plan for the first fiscal year of management of gas distribution networks of Georgia and even expand it in 2010 through its sub-company Socar Georgia Gas (SGG) LLC.

SGG fiscal year does not coincide with calendar year and will complete till March 1.

The  Socar Energy Georgia President Mahir Mammadov says that with the $23 million investment plan for the first fiscal year they have spent $15-16 million for Georgia's gas supply.

“We have a month or a month and a half for full completion of the investment plan. During the second fiscal year we will add overhaul of gas networks to our gas supply challenges. We expect to earmark $7-8 million for this purpose and due to that the investment program for the second fiscal year can total $27-28 million,” Mammadov said.

Under the contract, SOCAR will supply 30 cities and districts (over 150,000 gas consumers) in regions of Georgia with gas and invest $40 million in industry development.

SOCAR operates at the retails gas market of Georgia through its sub-company SOCAR Georgia Gas.

/Abc.az/