Georgian Oil and Gas Corporation profits fell 97.3%

Georgian Oil and Gas Corporation profits fell 97.3%

access_time2021-07-13 16:42:10


Despite a GEL 124 million increase in revenue, the Oil and Gas Corporation's net profit fell by 97.3% and stood at  GEL 3.197 million in 2020. According to the consolidated annual report, the decrease in profit was caused by  the increase in expenses.


The Corporation generated major revenues from oil, gas and electricity sales, to which were added revenues from gas pipeline leases (43 million) and oil transportation (26 million).



JSC Georgian Oil and Gas Corporation (GOGC) was established on March 21, 2006 with the 100% state share.



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