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SOCAR to help Georgia to build underground gas storage facility

SOCAR to help Georgia to build underground gas storage facility

SOCAR gets 26% stake in LNG terminal Project in Ivory Coast (25 November 2016 15:46)

Date: 14 January 2016 15:57

Baku, Azerbaijan, Jan. 14

Trend:

Azerbaijani State Oil Company (SOCAR) will take part in building of an underground gas storage in Georgia, Mahir Mammadov, the head of SOCAR Energy Georgia said during an interview with the Georgian “Rustavi – 2” TV channel, Sputnik-Georgia reported.

The beginning of construction of underground gas storage is planned for 2016. It will be possible to store 230-250 million cubic meters (mcm) of natural gas, accounting for 15% of the annual gas consumption in Georgia, after the completion of construction of the underground gas storage facility.

“We discussed the Georgia’s plans for the construction of gas storage in Georgia, which we welcome and support. We will participate in this project according to the existing agreements”, said Mammadov after the meeting with Georgian leadership.

Deputy Prime Minister and Minister of Energy Kakha Kaladze confirmed once again that Azerbaijan is a strategic partner of Georgia, and cooperation continues with it.

“SOCAR is interested to participate in this project. I think that realization of this project is very important for our country,” Kaladze said.

A new gas storage will be build in the territory of oil field of the Samgori southern arch (eastern Georgia). This territory is the best for this purpose, according to researches.

The GEOSTOCK SAS French company, which won the international tender, will finalize the feasibility study preparation for the construction of the facility in early 2016.

Simultaneously, Georgian Oil and Gas Corporation (GOGC) is negotiating with commercial banks, international financial institutions and private companies to study and optimize the project’s financing conditions.

With the commissioning of the gas storage facility, Georgia will get a property with strategic importance that will greatly enhance the country’s energy security and provide the population with gas in the case of disruptions with its supply.

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