Tbilisi hosts Continental Europe Energy Council Meeting
The forum was opened by Georgian Economy Minister Levan Davitashvili, who spoke about Georgia's preferable investment environment, created to attract international capital in various sectors of the economy, and especially in energy. Photo: Ministry of Economy.
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About 200 officials from over 70 companies operating in the oil and gas industry are gathered in the Georgian capital of Tbilisi to attend the 54th Meeting of the Continental Europe Energy Council between Friday and Saturday.
The forum was opened by Georgian Economy Minister Levan Davitashvili, who spoke about Georgia's preferable investment environment, created to attract international capital in various sectors of the economy, and especially in energy.
He stressed the importance of energy independence for Georgia and noted the Government welcomed the inflow of international investment in the field. He added Georgia had "quite solid oil and gas resources".
It is confirmed by past experience - at the peak of the 20th century, Georgia extracted more than three million tons of oil in the Samgori field alone. This is a precondition for us to be able to increase oil extraction," Davitashvili highlighted, adding "several licenses have been issued so far, which also include field exploration".
The Georgian Minister said the Government was aiming at attracting investment in oil and gas exploration and extraction, adding it hoped “in a few years” the country’s oil demand would be “fully met”, with a “significant contribution” made to local gas consumption from local extraction. The official called prospects of the latter “very promising” in comments to Meeting participants.
Georgian Finance Minister Lasha Khutsishvili spoke about his country’s potential in generating green energy at the European Bank for Reconstruction and Development's Annual Meeting and Business Forum in Morocco, the Ministry said.
New solar, wind and hydropower projects with a total investment volume of $200 million will be implemented in Georgia to support the development of renewable energy and ensure the country's energy independence, the Government revealed on Tuesday.
The German Government will allocate €1.3 million through the German Development Bank to support the introduction of the green hydrogen technology and develop relevant conducive legal framework in Georgia, the Embassy of Germany announced on Tuesday.
The Georgian Government is holding consultations with “various investors” over projects to construct hydropower plants in the country, Prime Minister Irakli Garibashvili said on Monday.
The founding conference of the ruling Georgian Dream party's Women's Organisation will be held on Saturday, the Press office of the party has announced.
An agreement between Georgian and Armenian authorities on supply of electricity in emergency situations was signed in a meeting between Georgian Deputy Minister of Economy Romeo Mikautadze and Armenian Deputy Energy Minister Hakob Vardanyan in Tbilisi on Thursday, the Georgian Economy Ministry said.
The energy sector is not only a field that contributes to the economy but it is the most important direction, which, along with economic benefits, is the solid foundation of Georgia’s energy independence, security and strength, Romeo Mikautadze, the deputy economy minister said on Saturday at the Akhalkalaki hydropower plant cascade opening.