Page 17 - FSUOGM Week 46 2019

FSUOGM
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about a billion zlotys per year as compared with the market prices.”
PGNiG notified Gazprom on November 15 that it did not intend to extend their gas supply contract, due to expire at the end of 2022.
November 19 2019
CENTRAL ASIA & SOUTH CAUSASUS
GOGP to issue €300mn in Eurobonds in 2020
State-owned Georgian Oil and Gas Corporation (GOGC) has plans to refinance its eurobond that matures in 2020, according to Business Media Georgia.
GOGC corporate finance director Omar Obgaidze reportedly said that that the company expected to issue new securities early next year.
The amount raised would refinance the due eurobond ($250mn) issued in 2016, with the remainder ($70-80mn) to be spent on the construction of a new third-generation thermal power plant in Gardabani.
According to Ogbaidze, the corporation issued bonds in US dollars in 2012 and 2016, but it was switching to euros to cut borrowing costs.
“As a result, our interest expense will be reduced,” the corporation’s financial director was cited as saying.
According to Ogbaidze, relatively favourable terms were also linked to an increase in the corporation’s credit rating.
According to financial reports, the
value of the assets of GOGC is GEL1.69bn ($570mn). Last year the company’s total revenue was GEL642.6mn ($235mn) and net profit was GEL161.4mn (nearly $60mn).
bne IntelliNews, November 18 2019
Uzbekistan plans to offer minority stakes in state- run companies ahead of listings abroad
Uzbekistan may soon sell shares in some of its largest state-owned companies such as energy firm Uzbekneftegaz and gold and uranium miner Navoi Mining and Metallurgy Combine (NMMC), Sunatulla Bekenov, head of the State Asset Management Agency said on November 15. The Central Asian nation is planning to
offer minority stakes in these firms on the domestic stock market prior to listing them abroad.
Uzbekistan has previously voiced its intention to sell shares in its largest firms to foreign investors. The plans to privatise NMMC, the nation’s largest gold producer, were announced earlier this year after the Uzbek government removed the shroud
of secrecy over gold production statistics. The list of companies under consideration for privatisation also includes gas pipeline operator Uztransgaz, gold and silver miner Almalyk Mining and Metals Combine and multiple banks.
“Even as we maintain majority state ownership in certain strategic companies such as those in the oil and gas industry and mining... we will make their shares available on the market so that the external investors we attract can evaluate the efficiency of their management,” Bekenov told a financial conference in Tashkent. The draft list is made up of a total of 20 companies.
bne IntelliNews, November 18 2019
Shah Deniz gas output to reach 19 bcm in 2019
Azerbaijan’s national oil company SOCAR expects 19bn cubic metres of gas to produced at the Shah Deniz gas field in 2019, rising to 24 bcm in 2021, its vice president for field development Yashar Latifov told reporters.
The government previously forecasted production from the Shah Deniz field to amount to 17.39 bcm this year.
Shah Deniz is operated by a consortium led by BP and also involving SOCAR.
November 18 2019
Week 46 20•November•2019
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