Oil and Gas Corporation Profits Plunge to GEL 3.2 Million in 2020

According to the 2020 consolidated indicators, revenues of Georgian Oil and Gas Corporation (GOGC) amounted to GEL 1 billion and net profits constituted GEL 3.2 million.

The corporation revenues in 2020 totaled GEL 997.2 million, up GEL 123.4 million compared to 2019, but the operational profits shrank by GEL 17 million to GEL 143.9 million.

The corporation’s net profits shrank 37 times to GEL 3.197 million from GEL 120.1 million.

GOGC’s incomes structure:

• Gas sales – GEL 585.09 million
• Electricity generation and supply – GEL 333.23 million
• Crude oil sales – GEL 9.4 million
• Gas pipeline leasing – GEL 43.06
• Oil transportation – GEL 26.3 million
• Other incomes – GEL 69.4 million