Wissol chair: looking for cheaper oil source, may it be Russia

We are looking for cheaper sources for oil imports. Let’s see, I do not know now whether the source will be Russia, head of Wissol Petroleum Georgia Soso Pkhakadze said Friday.

He stated that Russia’s war in Ukraine had caused a serious spike in oil prices, and it was hard to forecast when the prices could go down as it was related to the consequences of the war.

“Unfortunately, compared to what the price was before the Russia-Ukraine war, the prices have increased significantly and this has had a very negative impact on both companies and the people. We need two and a half times more working capital than we needed before the war, and we are talking about millions,” Pkhakadze said.

He suggested that following the failure of peace talks, the price of a barrel returned to 120 dollars and the company was trying to find cheaper sources for imports.

The price for one liter of oil is at an all-time-high in Georgia, hitting four GEL  and more.