Georgian overview

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Economic overview

• Area - 69,700 km²
• population - 4,6 million
• GDP Growth rate – 5.9%
• WTO member since June 2000

Gas & Oil Market

• Over 80% of natural gas is imported from Azerbaijan at long term price of USD 180 per mcm
• 20% of natural gas Georgia receives as payment for transportation of Russian gas to Armenia via its pipeline
• Around 95% of all oil products are imported from Azerbaijan
• Crude oil proved reserves – circa 35 mbbl

Investment Climate

• Named the world’s №1 reformer in improving business environment by the World Bank
• Ranked 16th  by WB on ease of doing business (compared to 37 in 2007)
• Stable, simple, transparent & investor friendly Production Sharing Contracts

Oil production and oil products consumption in Georgia, mbbls

Fiscal and Other Terms

• VAT - 18%
• Personal Income Tax - 20%
• Profit Tax - 15%
• Property Tax - 1%
• Royalty - 0