7 Jun 2022 13:34

Rosneft sells stake in Georgia's Petrocas Energy to general director of group

TBILISI. June 7 (Interfax) - Rosneft has sold an asset in Georgia - the May 11, 2022 deal on the purchase and sale of a 49% stake in Petrocas Energy Group was closed on Monday.

"As a result of the deal, Rosneft withdrew from its entire stake in Petrocas Energy Group and two of its representatives on the board of directors resigned," the Georgian company said in a statement.

The stake was acquired by Vano Nakaidze, managing partner and general director of Petrocas Group.

Rosneft has not commented on this information.

In December 2014, Rosneft acquired 49% of Petrocas Energy from businessman David Yakobashvili (he retained a controlling stake of 51%). A joint venture was set up to implement Rosneft's operations in Transcaucasia.

Since its establishment in 2010, Petrocas Energy Group has been engaged in petroleum products trading, retail sales and distribution of jet fuel, as well as the petroleum products logistics business in the Black Sea, South Caucasus, Caspian and Eastern Mediterranean regions.

Petrocas Energy Group owns a network of petrol stations operating under the Gulf brand.