SOCAR becomes major gas distributor in Georgia

By acquiring ITERA Georgia the State Oil Company of Azerbaijan (SOCAR) became the only gas distributor in Georgia (with exception of Tbilisi), SOCAr President Rovnag Abdullayev told journalists on Thursday.

He said a contract on acquiring these assets has been considered for a long time. All the risks were assessed and finally a decision was taken to acquire ITERA.

With regard to cost of acquired assets, Abdullayev said that it is trade secret and stressed that they did not cost SOCAR "high price".

As for possible review of SOCAR's contracts in Georgia by the new government of this country, Abdullayev said that SOCAR is a company of international level with rating of major rating agencies and fulfils all its contracts in accordance with international norms.

In addition to gas distribution networks, SOCAR has about 100 gas stations on the Georgian market, Black Sea Oil Terminal in Kulevi, and it constructs a carbamide plant and supplies gas and oil products.