Following GOGCs 1H13 results, this report revises the revenue and margin forecasts on the back of reduced gas sales tariffs but higher revenues. According to the estimation, the 9% cut in retail gas prices in effect from March 2013 will undercut profitability until 2015. However, on the debt servicing side, neither liquidity nor leverage covenants should be a concern for Eurobond holders. GOGC’s capex plans have shifted to a thermal power plant, Gardabani, from the Namakhvani hydropower plant. Operations at Gardabani, of which the Partnership Fund will own 49%, will contribute an estimated US$ 50mn in EBITDA from 2016 onwards on a fully-consolidated basis.