Rosneft No Longer Shareholder Of Petrocas & Gulf, Georgian Side Bought 49% Stake
By Natalia Kochiashvili
Wednesday, June 8, 2022
Vano Nakaidze, the founding partner and CEO of Petrocas Energy Group, has redeemed the minority stake of Russian energy giant Rosneft Oil Company in the company. Rosneft has owned a 49% stake in the company since December 2014. Consequently, Rosneft is no longer a shareholder in Gulf, either.
As a result of the transaction, Rosneft exited completely its equity position in Petrocas Energy Group and two of its board representatives resigned from their directorship positions. The value of the transaction is not specified in the published statement.
In December of 2014, Petrocas Energy Group and Rosneft Oil Company created Joint Venture in which Rosneft acquired a 49% minority stake.
Petrocas Energy Group was founded in 2010 and is one of the leaders oil products trading, retail & aviation fuel distribution and logistics business of oil products in the Black Sea, South Caucasus, Caspian and Eastern Mediterranean regions. In Georgia, it includes the Gulf brand gas station network, Poti Oil Terminal and Petrocas Fuel Service Georgia, one of the largest suppliers of aviation fuel.
