Petrocas Energy International and JSC Rosneft, through its subsidiary RN-Foreign Projects, have entered a definitive documentation to acquire 49% of Petrocas shares creating a joint venture that will operate in the South Caucasus and the Caspian Region.
represents an important step forward for the Georgian business group and is the acknowledgement of the importance of the Georgian transit corridor by one of the World’s largest international oil companies, which will increase the stability of this route in the future.
Through this joint venture, Petrocas Energy will further establish itself as a regional leader in transit and trading as well as retail distribution of the high quality oil products through more diversified supply chains.
It is worth noting that the Georgian side retains the Group’s control package while RN-Foreign Project will be represented in the joint company through several representatives.
Didier Casimiro, Vice-President of trading and logistics at Rosneft: „The newly created joint venture gives Rosneft the opportunity to increase its presence on an important market. We have acquired a strong partner in the region. This deal
proves the company’s commitment to strengthening of the energy connection between the East and the West and underlines the important role such partnerships play in the sphere of stable delivery of energy services. This agreement will give us the opportunity to increase the business efficiency of our company and expand the supply chain portfolio. Through creation of this joint entity a synergy is established that is founded on the profound regional experience of Petrocas and the broad possibilities of Rosneft“.
David Iakobachvili, Petrocas’ principle shareholder: „We are viewing
great opportunities that are unfolding in front of us though this joint venrture. It puts Petrocas in the limelight as the Region’s important player, which is to benefit all the parties invoilved; this is the acknowledgement of the great importance of South Caucasus as the energy corridor.”
The abovementioned business deal
will increase the investment appeal of Georgia, which will help attract increased volumes of transit commodity, contribute to the creation of new work places, and result in the increase of Georgia’s state revenues.
Petrocas Energy is a regional player in the oil product logistics, trading and retail. Currently, it owns the oil product terminal in the Port of Poti. The petrol station network Gulf, which is part of the Petrocas Energy Group, is the largest in Georgia operating 140 petrol stations across the country.
JSC Rosneft is a Russian multinational oil company with 19.75% of shares owned by the oil company BP, and another 10.75% of the company’s shares being publicly traded, among others through the London Stock Exchange.
30 12 2014, Tbilisi