SOCAR buys Georgian gas firms

BAKU, Azerbaijan, Dec. 30 (UPI) -- The State Oil Co. of Azerbaijan Republic signed a deal Tuesday with the government of Georgia for the purchase of 22 regional gas distribution companies.

SOCAR President Rovnag Abdullayev signed the deal with Georgian Economic Minister Lasha Zhvaniya for a transfer of ownership deal and investments totaling $40 million, the Trend Capital News agency said.

The investment goes toward the development of gas fields in Georgia over the next three years.

Meanwhile, SOCAR said it had resolved issues stemming from corroded pipelines in the Azeri-Chirag-Guneshli fields in the Caspian Sea.

A 10-mile underwater pipeline dumped oil from the ACG field near Chilov Island located 34 miles from the capital, Baku, off the Absheron Peninsula.

SOCAR said it used oil tankers to ferry crude deliveries while repairs were under way.