Deputies of the Georgian parliament discussed a bill concerning state property in the second reading, involving lifting the limitations on selling the cross-country gas pipeline transporting Russian natural gas to Armenia.
A minority of the parliament insists on selling only 49% of the shares, but their proposal was rejected. The current owner of the pipeline is the Georgian Oil and Gas Corporation. The government of Georgia said that they can put a minimum number of shares on the London Stock Exchange in the next 1-2 years.
Within the framework of the ‘Program of millennial challenges’, Georgia and the USA signed an agreement providing $295.3 million to help renovate the pipeline on condition that Georgia not sell the pipeline until April 2011. In February 2010 renovating 23 sections and 221 km of the gas pipeline required $35 million.
