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Chinese Consortium Plans to Launch Oil Extraction in Georgia

Chinese companies are interested in conducting oil search/extraction works in Georgia. A Chinese consortium that unites several Chinese companies has taken part in the international tender announced by Georgian Oil and Gas Corporation (GOGC) on April 3.

These companies are: LLC West Gulf Petroleum Engineering Company, LLC China New Start (CNEC) and LLC Georgia Coalition Energy Limited. GOGC has found their application as one of the best offers.

GOGC representatives told Business Course that Chinese companies have submitted due documentation to the Agency, including bank guarantees. Currently, the parties are conducting negotiations on signing an agreement.

“If we agree all conditions within legal deadlines (6 months +45 days), we will sign an agreement”, the agency representatives told Business Course.
Namely, a 25-year agreement with be signed with the Chinese consortium. The mentioned companies will work in license blocks located in Samegrelo and Imereti regions.