Achema Group purchased Kakheti Energy Distribution in 2008 for 9.15 million US dollars, but the Georgian state later took over the management of the company.
"We do not know yet if we will expand in Georgia or pull out of it. Our decision will depend on an audit of the electricity grid and its prospects," Virmantas Jurgaitis, the group's energy advisor, told the paper.
The audit is to be conducted in the near future. The company is now being managed by an administrator that has been appointed by Georgia.
Achema Group has invested around 4 million litas (EUR 1.16 m) in Kakheti Energy Distribution. After Lithuanians started working at the company, local authorities sold electricity at a higher-than-agreed price, as a result of which a debt was incured. The locals then took over the management of the company, but not its ownership.
"Achema remains the owner of Kakheti Energy Distribution. Nobody has ever tried to take the ownership away from them. To our knowledge, the only discussion now is about the company's debts," said Gediminas Sereika, third secretary at the Lithuanian embassy in Georgia.
2012 04 27
Lithuania's Achema Group to decide on Georgian power distribution grid
Lithuania's Achema Group will go to Georgia to negotiate with its authorities over Kakheti Energy Distribution Company, the supplier of electricity in the eastern part of the country, the business daily Verslo Žinios reports on Friday.
AB „Achema“ / „Scanpix“ nuotr.
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