SOCAR sharply increases its share in Georgia-based subsidiary

State Oil Company of Azerbaijan (SOCAR) has increased its share in SOCAR Energy Georgia by 16.3% to 91.8%, Report informs, citing the consolidated financial statement, audited by “Ernst&Young” (EY).

On January 21, 2020, SOCAR paid AZN 65 million ($38 million) to increase the share in SOCAR Energy Georgia by 16.3%. Consequently, SOCAR’s share in SOCAR Energy Georgia increased from 75.5% to 91.8%.

SOCAR Energy Georgia was established in 2006.