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 he Greenoak Group is involved in transport of oil and oil products, shipping, textile, and electricity generating. The most important activity of the Group is transhipment of crude oil and oil products via its terminal at the port of Batumi, located on the Black Sea in the Autonomous Republic of Ajaria in Georgia. The transhipment of Caspian crude oil and oil products through Batumi Oil Terminal dates back to 1883. The Terminal tranships crude oil and oil products exported by regional producers in Kazakhstan, Azerbaijan, Uzbekistan, Turkmenistan and Georgia.
This activity is carried out in a subsidiary, Naftrans Limited which has recently made a capital increase of $12.75 million. This investment was made by a private equity fund primarily funded by OPIC, Overseas Private Investment Corporation, a US government agency.
KMPG are the auditors of the Greenoak Group, and the profit and loss account and balance sheet at the end of 2002 are shown below.
| Profit & Loss 2002 | $ '000 |
| Profit before tax | 34,910.5 |
| Extraordinary income | -1,300.9 |
| Tax | 5,411.7 |
| Net profit | 30,799.7 |
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| Balance Sheet 31.12.02 | US$ |
| Assets | 155,641,964 |
| Liabilities | 16,268,292 |
| | 139,373,672 |
| Reserves | 14,373,672 |
| Share capital | 125,000,000 |
| Equity | 139,373,672 |
The Greenoak Group equity as of 30 June 2003 was $153,407,797. |
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