Kazakh state oil and gas company, KazMunaiGas, said it would sell gas distribution company in Tbilisi, KazTransGaz-Tbilisi, if investments carried out in the network “is compensated.”
“We announced last autumn about our readiness to sell Tbilgazi,” Kazakh official news agency reported quoting Kairgeldy Kabyldin, the head of KazMunaiGas, as saying at a news conference in Astana on March 25.
“Everything that can be purchased can also be sold – only price matters. We are ready to sell under the condition that our investments, debt financing and financial assistance that we have been providing KazTransGas-Tbilisi are compensated.”
According to this report KazMunaiGas through its daughter company has invested about USD 100 million in Tbilisi’s gas distribution network after taking over the company in 2006.
Georgian National Electricity Regulatory Commission (GNERC) said on March 16 it had appointed “a special administrator,” which will manage the Kazakh-owned gas distributor company temporarily. GNERC said that the move became required as KazTransGaz-Tbilisi owes GEL 80 million in debt, including GEL 68 million to Georgian Oil and Gas Corporation, from which KazTransGaz-Tbilisi, had purchased gas.
“A special administrator will remain in the company before the improvement of financial condition and before repaying cost of supplied gas,” Guram Chalagashvili, the head GNERC, said on March 16. “The special administrator, Temur Kopaliani, will be managing the company only temporarily and the assets will remain under the company’s ownership.”