ITERA Agrees to Postpone Georgia’s Gas Debt Payment

(Tbilisi, Civil Georgia, December 3, 2002) – Russian energy company ITERA and Georgian authorities agreed to postpone debt payment for seven years. According to the Georgian authorities Georgia’s debt to the Russian company consists approximately USD 32 million.

The agreement was reached during the visit of President of ITERA Igor Makarov in Georgia on December 2-3. He held talks with the Georgian leadership.

ITERA, which was incorporated by the Russian Gazprom company in the United States, is an exclusive supplier of the natural gas to Georgia.

The sides also agreed to supply gas directly to Georgian company Tbilgaz. At the moment ITERA though its sister company Sakgaz, that increases cost of the gas.

The Georgian authorities say that the agreement with ITERA guarantees uninterrupted gas supply.

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