TBILISI, April 23 – Chinese energy companies have shown interest in oil and gas extraction in Georgia, the Georgian Economy Ministry said on Thursday, after a series of meetings in Beijing during Economy Minister Mariam Kvrivishvili’s visit to China.
According to the ministry, Kvrivishvili met Wang Yutao, chairman of China ZhenHua Oil, one of China’s large state-owned energy companies, and Huanglong Chen, chairman of Geo-Jade Petroleum Corporation, another major Chinese oil and gas company. In both meetings, the sides discussed opportunities for oil and gas extraction in Georgia. The ministry said the Chinese side expressed interest in investing in Georgia’s energy sector.
The Georgian side also used the meetings to pitch the country as a business destination. The ministry said Kvrivishvili briefed the Chinese executives on Georgia’s economic opportunities and argued that the Georgia-China strategic partnership, reinforced by a free trade agreement and visa-free travel, provides a solid institutional base for Chinese business.
The ministry’s statements stated, China ZhenHua Oil has registered capital of about USD 1 billion to USD 1.1 billion, total assets in the range of USD 5 billion to USD 8 billion, and annual oil and gas trading volumes of more than 50 million tons, generating over USD 20 billion in yearly revenue. Geo-Jade Petroleum, meanwhile, was described as having a market capitalization of USD 1.5 billion and 2P reserves equivalent to 1.3 billion barrels of oil. The ministry said the company operates globally and manages extraction assets in several countries.
Senior Georgian officials joined both sessions, including deputy ministers Irakli Nadareishvili and Genadi Arveladze, Enterprise Georgia chief Mikheil Khidureli, State Oil and Gas Agency head Giorgi Tatishvili, and Georgia’s envoy to China Besik Sharashenidze.
