“Construction of Gas Storage Facility to be finished in 2024 in the worst case”, - Temur Gochitaishvili, chairman of Supervisory Board of Oil and Gas Corporation told TV-program Business Course.
According to him, bureaucratic barriers are the main obstacle of delaying the construction.
“Bureaucratic barriers are the main obstacle in the construction of the gas storage. As you know, the corporation receives funding from the German Development Bank and the European Investment Bank is also involved in the process. Time is running out for us to make a decision here, it has to go to Germany, it has to undergo thousands of procedures there, and it will, of course, take time. The worst term I can name is 2024. In 2024 it will be ready. The complex of gas storage and thermal power plants will create ideal conditions for the independence and security of country’s energy, ”Gochitashvili said.
To note, cost of the project is 250-300 million USD. However, KFW and European Investment Bank has already approved a loan of 250 million EUR.
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