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Investors of the Underground Gas Reservoir of 270 Million will be Named by the End of the Year

Investors of the Underground Gas Reservoir of 270 Million will be Named by the End of the Year

Investors of underground gas storage in Samgori are still unknown.

It is only known that negotiations and discussions on financing of the project are held with several international financial institutions and private companies, one of them is the European Bank for Reconstruction and Development (EBRD).

The EBRD has confirmed that “Georgian Oil and Gas Corporation” plans to borrow from them, but they have not specified the amount. The EBRD also supposes that the tender procedures of contracts for a project of 270 million USD will start in Q4, 2017. The tenders will be in compliance with the Bank’s procurement policies and public sector activities.

The loan, taken from EBRD, will be spent for construction of underground gas storage in Samgori (Block XI). The corporation declared to GBC that specific details of the ongoing negotiations are confidential at this stage.

“The final decision on funding for the project is expected to be completed by the end of this year. The construction of the gas storage will begin next year, “- said the corporation.