Fitch: Shahdeniz 2 to increase Georgia’s revenues | Eurasia Diary - ednews.net

19 May,


Fitch: Shahdeniz 2 to increase Georgia’s revenues

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Fitch Ratings has upgraded Georgian-based JSC Georgian Oil and Gas Corporation's (GOGC) Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-' with the Stable outlook, Report’s Georgian bureau informs.

Fitch says that some projects will promote increase in GOGC’s revenues. These projects are Gardabani 2, Shahdeniz 2 projects and underground gas storehouse.

The agency believes that Shahdeniz 2 will have a positive impact on GOGC’s profitability. So, the project will increase gas transit and this will lead to increase of natural gas purchased by the GOGC from the consortium.

According to Fitch, the GOGC will preserve its credit indicators, and Gardabani 2 and underground gas storehouse will have a positive impact on it.

GOGC's rating is supported by 100% indirect state ownership via JSC Partnership Fund.

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