Extol Trading Limited will Purchase Oil from Georgian Oil and Gas Corporation
28 February, 2013
Extol Trading Limited will purchase 23 500 tons of Georgian Light and Georgian Heavy oil from Georgian Oil and Gas Corporation (GOGC).
Auction for the sale of oil was held on February 27, 2013. Only one company took part in the auction and the discount of USD 9,5 set by the corporation was reduced by USD 0,2.
The auction for the sale of up to 20 000 tons of Georgian Light and 3 500 tons of Georgian Heavy oil was announced on February 13.
The territory of Georgia is divided into license blocks, where different companies selected through international tenders extract oil. They concluded production sharing agreements with the government. GOGC as a National Oil Company cooperates with the companies, monitors their activities and manages state share of oil.
Auction for the sale of oil was held on February 27, 2013. Only one company took part in the auction and the discount of USD 9,5 set by the corporation was reduced by USD 0,2.
The auction for the sale of up to 20 000 tons of Georgian Light and 3 500 tons of Georgian Heavy oil was announced on February 13.
The territory of Georgia is divided into license blocks, where different companies selected through international tenders extract oil. They concluded production sharing agreements with the government. GOGC as a National Oil Company cooperates with the companies, monitors their activities and manages state share of oil.