The Georgian Oil and Gas Corporation published last year’s financial statements, according to which the state-owned company earned GEL 244 million GEL more in profit totaling 1.64 billion that is 17% more than last year. Operating profit exceeded GEL 191 million.
The company’s revenue increased both from the sale of gas and crude oil, as well as from the electricity production carried out through its thermal power plants «Gardabani-1» and «Gardabani-2».
Oil and Gas Corporation’s revenues in 2024
• Gas sales - 1.17 billion GEL;
• Production/supply of electricity - GEL 406.45 million;
• Crude oil sales - GEL 26.7 million;
• GEL 44.5 million in gas pipeline rental income;
• The cost of transporting oil under a financial lease is GEL 0.5 million.
The Georgia Oil and Gas Corporation is one of the largest state-owned companies owning the country’s main gas pipeline system. The company also produces electricity through its two thermal power plants. In addition, it is a party to agreements with investors working in the oil sector under which the company obtains a share of the oil produced in Georgia. In 2024, the company earned up to GEL 27 million from oil sales. The assets of the corporation in 2024 surged by GEL 140 million, reaching GEL 2.19 billion. The company’s liabilities amounted to GEL 867 million.
