The state energy giant of Azerbaijan (SOCAR) is planning to invest $20 million in the economy of neighboring Georgia during the next two years. This was announced by the General Director of SOCAR Energy, Mahir Mammadov, at the sixth annual international conference GIOGIE-2007 that took place in Tbilisi, reported News Georgia on March 22. According to Mammadov, said the news source, the SOCAR Energy-Georgia Ltd. was established in Georgia and will be responsible for the realization of future investment projects in various sectors of the Georgian economy. Among the prospective projects is the construction of three bulk plant petroleum depots, an oil refinery plant (with annual operational capacity of 5-10 million tons) and 25 modern gas stations that would sell Azeri-produced energy products. Overall, SOCAR’s involvement in the Georgian economy will create 500 new jobs, stressed Mammadov, according to News Georgia.

SOCAR is also finishing the upgrade of the Kulevi oil terminal near the Georgian Poti port, which it purchased in late 2006. To service this terminal, SOCAR is also constructing the 13.8 km long Kolkheti-Kulevi railroad. It is expected that the new oil terminal will receive about 10 million tons of oil per year, which can be increased up to 20 million tons.

This information was originally published March 22, 2007 (www.newsgeorgia.ru).