The decision of the Government of Georgia enables Frontera Resources Georgia Corporation not to spend efforts on mobilizing lobbyists, and instead, to focus on fulfilling the obligations accumulated to the employees, to pay off the wage arrears, to settle relations with many other creditors and continue the exploration work, – this is stated in a statement issued by the Ministry of Economy and Sustainable Development of Georgia.

According to the statement, the Georgian government decided not to terminate the contract with Frontera and to allow the company to continue operating in the part of the territory specified in the initial contract, where oil extraction had been conducted since the Soviet period. It is about one percent of the area, as, by the arbitral award, the company has returned about 99 percent of the territory to the state.

“With this approach, we emphasize Georgia’s sincere desire to have an open and transparent relationship with Frontera. We urge the company to publicize the summary of the arbitral award, which does not contain confidential information about the company. It will shed light on the dispute and put an end to excessive interest and speculation on the issue. Besides, stakeholders (including U.S. senators and congressmen) will receive relevant information from open source.” – the statement notes.