Russian company interested in Poti oil terminal

Russian state-owned oil company Rosneft has confirmed it is interested in the oil terminal at Poti port. 

Speaking to Georgian journalists, the company’s deputy CEO Mikhail Leontyev said Rosneft's interest in purchasing the oil terminal was connected to the company’s gasoline supply to Armenia.

Despite their interest, Leontyev said there were no current ongoing negotiations with the Georgian side in terms of purchasing the terminal.

He denied rumors, spread by Georgian media, stating Rosneft had already paid half of the terminal’s price to Channel Energy – the current owner of the Poti oil terminal.

Leontyev noted the situation regarding the Poti port deal was complicated because of "criminal-political” issues. According to him, one of the port owners was Georgia’s former Defense Minister, who made the deal harder.

"Currently we have no urgent need in entering Georgia however if we get a good deal I won’t exclude it. We need to have positive relations with the country and its leaders to enter it with our business,” Leontyev stated.

Georgia's Finance Minister Nodar Khaduri welcomed a possible increase in Rosneft's activities in Georgia. He said: "I see nothing wrong with this". 

Rosneft is the largest publicly traded oil company in the world where 69.5% of the company’s shares belong to the Russian state and 19.75% to BP. The rest of the shares are publicly traded. 

Rosneft activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, crude oil, gas and product marketing in Russia and abroad.