SOCAR Energy Georgia signs memorandum with Georgian Ministry of Economy and Sustainable Development

Baku. 24 October. REPORT.AZ/ President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev accompanied by a number of company officials paid a working visit to Gerogia.

According to Report, the meeting with Georgian Minister of Economy and Sustainable Development Giorgi Kobulia was held as part of the visit. During the meeting SOCAR Energy Georgia General Director Mahir Mammadov and Minister of Economy and Sustainable Development of Georgia Giorgi Kobulia signed a memorandum of mutual understanding. The memorandum envisages studying opportunities of cooperation in encouraging socioeconomic development, raising living conditions in high mountain areas, assisting development of tourism and entertainment, alternative ways of heating supply.

Earlier SOCAR implemented an environmentally-friendly project 'Virtual pipeline' in the territory of the country's Sairme resort. The technology of a virtual gas pipeline is a way of transporting natural gas in a form of compressed natural gas to consumers residing in high mountain areas. In the world practice natural gas is transported to relatively short distances in a form of a CNG. Sairme is 52 km away from the closest point of natural gas acceptance. Therefore, within the framework of the pilot project it was decided to transport gas in a form of a compressed natural gas. After signing the memorandum it is planned to create a working group for sustainable cooperation in this area.

SOCAR launched its activity in Georgia in 2006. In the same year the Kulevi oil terminal was purchased to transport oil to the western markets. SOCAR Georgia Petroleum accounts for 115 petroleum stations, 16 service centers and 15 oil terminals in the Georgian market, organizes retail and whole sale of oil products of the third parties. SOCAR Georgia Gas supplies and distributes natural gas in the Georgian regions, manages local networks and serves more than 670,000 subscribers.