GIG is planning to buy KazTransGaz Tbilisi

GIG is planning to buy KazTransGaz Tbilisi

The principle agreement between Georgian Industrial Group and KazMunaiGaz on selling of share in KazTransGaz has already been achieved, – states the Georgian Industrial Group.

According to the Georgian Industrial Group, recently they have been in negotiations with the Kazakh party, KazMunaiGaz, on purchasing 100% share of KazTransGaz Tbilisi.

“Due to the large scale of the transaction, it is necessary to clarify legal details, which require additional time for the transaction. The Georgian Industrial Group takes into consideration the interest of the public to this issues and confirms its readiness to disseminate official information about the transaction once the above final legal process is completed,” – state representatives of the company.

Georgian industrial group is buying KazTransGas Tbilisi JSC for 40 mln USD, Forbes.kz reports. KazTransGaz started operation in Tbilisi in 2005 and in 2009 first mentioned about its plans to sell the company, after their indebtedness to the Georgian government reached 48 mln USD.

Negotiations on selling of the company started in 2009.

Presently, KazTransGaz Tbilisi is headed by a special manager, appointed by the Georgian National Energy and Water Supply Regulatory Commission. Gigla Tamazashvili will hold the position till 1st April.

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