KAZTRANSOIL July 14, 2017
Batumi Terminals Limited, the subsidiary of KazTransOil, was voluntarily liquidated on June 28, 2017 with a view to optimize the asset management structure of KazTransOil.
KazTransOil owned 100% shares of Batumi Terminals Limited based in Cyprus, through which it took possession of and ran its production assets in Georgia - Batumi Oil Terminal LLC (BOT). BOT has the exclusive right to run 100% shares of Batumi Sea Port LLC.
In accordance with the RoK government resolution dated December 30, 2015 No.1141 'On some issues of privatization for 2016-2020', KazTransOil systematically performed the restructuring of Batumi Terminals Limited group of companies in order to cut the interim management levels between KazTransOil and its main production assets.
The liquidation of Batumi Terminals Limited was completed on June 28, 2017.
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KazTransOil JSC published this content on 14 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 July 2017 10:48:05 UTC.
Original documenthttp://www.kaztransoil.kz/en/press_centre/press-releases/press-releases/management_levels_in_kaztransoil_batumi_oil_terminal_reduced/
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