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Petroleum
 
 

About Company

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About Company
History

The company launched its business as an oil product wholesaler at the beginning of the nineties of the past century. Fuel was imported mainly from Bulgaria and Romania and occasionally from Russia, Azerbaijan, Turkey, Greece and Italy as well. In the nineties, none of the government structures existed in Georgia including the customs, and import duty was paid mostly in kind (by fuel). During that period, to the problems, dishonest competitors were added: oil dealers imported substandard oil products in Georgia, increasing the fuel volume by mixing a technologically impermissible solution and pushing an absolutely unfit product at lower prices. Exactly at hard times the company had to expand and develop business. Despite of the multitude obstacles, dire economic and social situation, the company made an important step towards self-development by setting up a tank farm (Oil Base) in Gudauta Street, Tbilisi in 1994, supplying oil products to wholesalers and later Petrol Station (PS) chains. 

As a brand, IberCompany Ltd was founded on 16 November 1995. From that time, the company started building own PSs and expanding its retail chain. Soon the company set up for about 35 petrol stations across the whole territory of Georgia.

In 2003, IberCompany and Lukoil, the international oil production company, which had just appeared on Georgian market to expand its business, entered into a partnership. As a result, the company obtained franchisor status from Lukoil, rebranding its entire PS chain according to the new partner’s standards. The core goal of this decision was to have a stable partner who would be able to help the company in development and management of the network.

In 2001, IberCompany expanded its business area – positioning in the real estate segment. The goal of the original investment that the company made in this sphere (purchasing of lands) was to build new PSs. After a construction boom in Georgia, with the sphere becoming rapidly circulating and highly beneficial in terms of investment, IberCompany had changed the function of a certain part of the real estate objects it owned and started building residential complexes engaging in the management and development of that business area from 2001. Since then, the company has been continuing a successful business in this sector.

After the government put road construction and infrastructure development high on its agenda, the demand for construction equipment services grew dramatically. That’s why, in 2007 IberCompany picked up and quickly specialized in another industry – implementation of infrastructure projects and earthworks. At the beginning of 2007, the company leased, through the assistance of Turkish partners (who had vast experience in the sphere), a variety of HUV (Heavy Utility Vehicles) for road construction and earthworks (excavators, dumpers, graders, etc.) and got involved in different infrastructure projects. IberCompany is closely cooperating with big companies involved in road construction, renting them equipment or/and acts as a subcontractor for tender winners in projects' implementation.

In 2010, IberCompany performed rebranding, changing its brand logo, starting implementing corporate culture and internal standards, moving on to the modern management standards, improving human resource management and developing a system of close public relations.

The company was actively involved in public life at different times.           

IberCompany was awarded with several honors:

In 1998, IberCompany was admitted with the status of the Largest Taxpayer to the state budget.

In 2000, the company sponsored Giorgi Asanidze, Georgian wrestler, as he won a bronze medal in the Olympic Games in Sydney. As a result, IberCompany got the "Best Sponsor's" status.

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