November 2, 2012
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01.11.2012

SOCAR has acquired ITERA-GEORGIA

State Oil Company of Azerbaijan (SOCAR) has acquired ITERA-GEORGIA, which is engaged in distribution of natural gas in Georgia.

According to the head of SOCAR Rovnag Abdullayev, in 2010 the cmpany held audit of the ITERA-GEORGIA in order to determine the levels of investment, the possible profit and taxes, and only then acquired the shares of the company.

"The agreement was signed three months ago, and now the ITERA-GEORGIA intends to distribute gas to the whole territory of Georgia except for Tbilisi", Abdullayev said.

According to the Oil of Russia, Rovnag Abdullayev also said that the SOCAR at the time had carried out big work in terms of gas supply in Georgia, and the volume of gas supply has exceeded all the work that had been done in the Soviet Union.

As for the amount of the transaction, the head of the SOCAR said that at the request of the other party an amount cannot be disclosed, and stressed that it was not so great.


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