State-owned company Georgian Oil and Gas Corporation (GOGC) announced its financial statement for 2021. According to the document, the company generated a record GEL 137.6 million profit. While, GOGC's profit stood at GEL 3.2 million in 2020.
According to the financial report, last year the corporation received an income of GEL 1.11 billion, which was at GEL 997 million in 2020.
The State Oil and Gas Corporation is one of the largest state-owned companies, it owns the main gas pipeline system, as well as thermal plants. The company also receives income from the operating of the Baku-Supsa pipeline. GOGC is the main supplier of natural gas in Georgia through contracts signed with Azerbaijan State Oil Company and Shah-Deniz Consortium.
According to the financial report, the corporation's revenues in 2021 were distributed as follows:
● Sale of natural gas - GEL 647 million, an increase of GEL 62 million compared to the previous year;
● Sale of electricity - GEL 370 million, an increase of GEL 37 million compared to the previous year;
● Income from the rental of natural gas pipelines - GEL 44.5 million, an increase of GEL 1.5 million compared to the previous year;
● Commission income from operating the Baku-Supsa pipeline - GEL 27.5 million, an increase of 1 million;
● Sale of crude oil - GEL 25 million, an increase of GEL 16 million compared to the previous year.
As for the corporation's expenses, the company spends the most funds on the purchase of natural gas, which the company pays to the Azerbaijan State Oil Company and the Shah-Deniz consortium. In 2021, this expenditure increased by GEL 173 million and amounted to GEL 919 million.
