Natia Turnava attended the presentation of the annual report and future plans of GOGC

26 December, 2019
Presentation of the annual report and future plans of GOGC was held at the Ministry of Economy and Sustainable Development. The meeting was attended by the Minister, Mrs. Natia Turnava, Deputy Minister, Mr. David Tvalabeishvili and responsible persons of GOGC. This information was provided to "InterPressNews" by the Ministry of Economy and Sustainable Development.

According to the General Director of GOGC, Mr. George Bakhtadze, GOGC has been closing the financial year with significant profit during the several last years. He also underlined that after visiting the principal issuers in Georgia, J.P. Morgan published a press release on June 11, 2019 evaluating GOGC as the company of the highest reliability. Also, on October 15 the international rating company raised the long-term rating of GOGC to "BB" and evaluated the outlook as stable.

At the presentation it was mentioned that GOGC represents the main instrument in ensuring reliability of natural gas supply. At the same time, GOGC is the representative of the government of Georgia in the most significant oil and gas transit projects and has the status of the national oil company. GOGC represents the state interest in Production Sharing Contracts.

According to Mr. George Bakhtadze, GOGC fully funded the construction of "Gardabani TPP-2" located in the east of Tbilisi. This is a combined cycle, modern thermal power plant with 230 MW installed capacity and equipped with the newest technologies, which will be fully put into operation in the beginning of 2020 and will provide stable supply of power to the unified electricity system of Georgia.
One more priority direction of GOGC is constriction/rehabilitation of main gas pipelines on the territory of Georgia and gasification of regions which had never been supplied with gas, for example, mountainous region of Adjara. According to Mr. George Bakhtadze, only in 2019 GOGC finalized completion of 97 km pipeline.

As for the future projects, it is planned to start working on "Gardabani-3" combined cycle TPP project in 2020. Turbines of new modification will be used for this thermal power plant. They will have higher efficiency than turbines produced before and therefore, lower natural gas consumption per each generated KWh electricity.
It is also planned to select EPC Contractor for the large-scale underground gas storage project in 2020. This project is also implemented by GOGC. Finalization of the underground gas storage construction is scheduled for 2024.

In April 2020, it is planned to refinance the existing Eurobonds. Eurobonds in the amount of EUR 300 million will be issued and Eurobonds in the amount of EUR 250 million will be fully redeemed using these funds.

At the end of the presentation, Minister of Economy and Sustainable Development, Mrs. Natia Turnava positively evaluated the activities carried out by GOGC in 2019. According to her, "energy security of the country is significantly dependent on successful activities of GOGC. GOGC is a good example of a successful and profitable state enterprise. The most significant energy facilities are constructed and the existing facilities are reconstructed with direct engagement and participation of GOGC, which is ultimately critically important for energy independence and safe and continuous power supply of the country" – stated Mrs. Turnava.