Georgia to Sell 25% Stake in State Energy Firm

Georgia plans to sell a 25 percent stake in the state Oil and Gas Corporation (GOGC) on an international stock exchange in 2017, the finance minister of the former Soviet republic said on Tuesday.

 

"The corporation's 25 percent stake will be placed on one of the exchanges abroad, in London or Shanghai," Dmitry Kumsishvili told Reuters.

 

He did not elaborate.

 

The GOGC, which operates the North-South gas pipeline transporting gas from Russia to Armenia via Georgia, issued $250 million of its first five-year Eurobonds in 2012 and the same amount again in April 2016. Goldman Sachs and J.P. Morgan acted as lead manager.


(Reporting by Margarita Antidze; Editing by Ruth Pitchford)