Changes to the composition of coordinating committees

28 March, 2007
Georgian Oil and Gas Corporation is making changes in the composition of coordination committees established with gas production companies. For that reason changes were made in production sharing agreements concluded by the government and an investor too. The changes became necessary after the merger of Oil and Gas corporations with Saqnavtobi.

Government and investors are equally represented in the coordination committees, which will monitor the implementation of terms and conditions agreed by the parties. Georgian Oil and Gas Corporation, representing the state in investors’ relations, has already chosen the members and of the committee. From investor companies, Anadarko and Can Argo have already introduced the list of the members.

The state has concluded PSA’s with Can Argo Georgia, Anadarko and Frontera Resources Georgia. The agreements reached with these companies lay foundation for the coordination committee. The committee meetings are to be held once every quarter. In case of necessity, the meeting can be held any time.