06.Jun .2022 12:18

Rosneft is no longer a shareholder of Petrocas and Gulf - Georgian side acquired Rosneft’s minority stake in the Group

Rosneft is no longer a shareholder of Petrocas and Gulf - Georgian side acquired Rosneft’s minority stake in the Group
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Vano Nakaidze, the founding partner and CEO of Petrocas Energy Group, has redeemed the minority stake in the company from the Russian energy giant Rosneft. Rosneft has owned a 49% stake in the company since December 2014.

Consequently, Rosneft is no longer a shareholder of Petrocas Energy Group and its subsidiaries, including Gulf Georgia. Petrocas Energy Group was founded in 2010 and is one of the leaders in wholesale and retail of oil products in Georgia.

“Petrocas announces closing of a transaction entered into May 11, 2022, on acquisition of a 49% minority stake of Rosneft Oil Company in Petrocas Energy Group by the Founding Managing Partner and CEO of the group – Vano Nakaidze.

As a result of the transaction, Rosneft exited its equity position in Petrocas Energy Group and two of its board representatives resigned from their directorship positions.

In December of 2014, Petrocas Energy Group and Rosneft Oil Company created a Joint Venture in which Rosneft acquired a 49% minority stake.

Since its creation in 2010, Petrocas Energy Group has been involved in oil products trading, retail & aviation fuel distribution and logistics business of oil products in the Black Sea, South Caucasus, Caspian and Eastern Mediterranean regions,”- reads the statement from Petrocas Energy Group.