During her visit to China, Economy Minister Mariam Kvrivishvili met with Huanglong Chen, Chairman of the major energy company Geo-Jade Petroleum Corporation, and Wang Yutao, Chairman of China ZhenHua Oil, one of China’s largest state-owned energy companies, according to the ministry.
A statement released by the ministry noted that both companies expressed interest in Georgia’s oil and gas sector.
“The parties discussed opportunities for oil and gas production in Georgia during the meeting. The Chinese side expressed interest in investing in Georgia’s energy sector,” the ministry’s statement said.
China ZhenHua Oil Co. Ltd. is a major Chinese oil and gas company. It invests in exploration, field development, and oil and gas trading. The company’s authorized capital is approximately $1–1.1 billion, with total assets ranging from $5 to $8 billion. Its annual oil and gas trading volume exceeds 50 million tons, generating more than $20 billion in annual revenue.
It is also noted that Geo-Jade Petroleum Corporation is a Chinese oil and gas company. Its market capitalization stands at $1.5 billion, with proven (2P) reserves equivalent to 1.3 billion barrels of oil. The company operates in global markets and manages production assets in various countries.
