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Georgian parliament passed amendments to the Law "On Oil and Gas" on first reading

2011-09-27 17:54

Georgian parliament passed amendments to the Law "On Oil and Gas" on first reading. 22477.jpegGeorgian parliamentaries voted for amendments to the Law "On Oil and Gas" on first reading. As reported by "Georgia-News", according to these changes, the share of the Georgian state in "Oil and Gas Corporation of Georgia" was reduced by 24 percent. 92 deputies unanimously voted for the adoption of the amendments.

Thus, if the bill is finally adopted, the state's share in "Oil and Gas Corporation of Georgia" will decrease from 75 percent to 51 percent.

Prior to this, Parliament also adopted amendments to the law "On State Property" on second reading. The bill provides change the procedure of privatization of state assets in the country. This will allow to put a minority stake in state-owned companies on international stock markets. They imply to put on international stock markets shares of such companies as "Georgian Railway", "Oil and Gas Corporation of Georgia" and "Georgia State Electrical System".

These amendments, initiated by the Georgian government, have provoked a strong criticism of Georgian opposition. In the case of adoption of these amendments, Russia may buy a controlling stake of strategic enterprises of the country, according to opposition.

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