Gulf Georgia is set to buy Wissol Petroleum Georgia

TBILISI(BPI)- According to Commersant’s source, the businessman David Iakobashvili, who is the largest shareholder of Gulf Georgia, is set to buy Wissol Petroleum Georgia.

the source says that the negotiations started about a year ago. It was reported then that Gulf showed interest in buying a few Wissol petrol stations, and talks are now under way on the purchase of  Wissol Petroleum Georgia filling stations.

Both Wissol Petroleum Georgia and Gulf Georgia do not confirm the information. However, as early as in May it was reported that Wissol Group was for sale  and the Russian Rosneft was going to buy it. Soso Pkhakadze, president of Wissol Group, denied this information but noted that the management doesn’t rule out the issue will be considered in the future .

“We do not confirm that this company is for sale. In the retail segment of petroleum products we want to expand our business and in theory we intend to merge with small or large companies operating in Georgia. When that happens, we will be the first to inform the public about this, ”Soso Pkhakadze said in May.

Whether the two largest oil companies will be merged, we’ll learn  in the near future, but it’s worth mentioning that  in 2017 a business deal was concluded between Gulf and Wissol. On May 19, 2017 Wissol Group separated its main operations from aviation fuel operations and established a new entity Air Wissol LLC. On September 15, 2017 the Group sold 100% stake in Air Wissol to Gulf. The company earned GEL 50.7 million through this transaction.

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