Channel Energy, a subsidiary of Petrocas, which owns an oil terminal in the port of Poti published financial results for 2021. The company's income totaled to GEL 18.7 million, while the profit stood at GEL 6.88 million.
According to the report, the income of Channel Energy shows a 1% increase.
"The company managed to re-evaluate its fixed assets and repay the debt to the parent company along with the optimization of operational and administrative costs. As a result, the annual profit in 2021 amounted to 6,889,879 GEL, which is 20% less than the profit generated in 2020," the document states.
Channel Energy owns oil terminals in Poti with storage, transportation and logistics facilities. The said terminal receives/reloads petroleum products from rail and sea transport.
The company is controlled by Channel Energy (Eire) LLC, which owns 75% of the capital, and holds 25% in "Corporation Poti Seaport". The final controlling party of the company is Petrocas Energy International.
After the invasion of Ukraine by Russia and the imposition of sanctions on Russia, it became known that the founding partner of "Petrocas Energy Group" and CEO of the company Vano Nakaidze bought out the minority share of the Russian energy giant, Rosneft - 49% in the company.
Accordingly, Rosneft is no longer officially associated with Gulf. Petrocas Fuel Service Georgia, is one of the largest suppliers of aviation fuel.
