Georgian overview
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
