Rosneft said on Dec. 29 that it has entered into an agreement to acquire a 49-percent stake in Petrocas Energy, creating a joint venture for its activities in the South Caucasus region.
In a press release, Rosneft said the deal is an excellent opportunity because Petrocas owns and operates high-quality storage assets in one of the main oil and oil products logistics hubs in the region.
The joint venture will allow Rosneft to expand its presence in the oil products trading market of Central Asia and the South Caucasus, according to the release.
Petrocas, a top Georgian oil transporter and retailer energy group, owns an oil terminal in the port of Poti that handles oil products and petrochemicals.
Its trading activity is concentrated in the Caspian and Black Sea regions and it operates the largest retail petroleum station chain in Georgia with 140 Gulf branded stations. The group also owns one of the largest retail petrol stations in Georgia, operating under the world-renowned brand – GULF Oil International.
Rosneft is Russia's biggest petroleum establishment and the world’s largest publicly-traded petroleum company.
Its activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining and crude oil, and gas and product marketing in Russia and abroad.
By Muhsin Baris Tiryakioglu