GOGC Announces Auction on the Sale of Oil

17 July, 2010
Georgian Oil and Gas Corporation JSC is announcing an auction on Georgian Light and Georgian Heavy oil to be produced and shared in 2012. All interested candidates are welcome to participate in the auction.

Georgian Oil And Gas Corporation JSC offers the potential buyer 24 600 tons of crude oil. Oil deliveries will be carried out in stages during the effective period of the General Contract signed between Corporation and the Auction Winner.

Auction will proceed by reducing the discount set by the Corporation at USD 7.8 (seven point eight) per each barrel of oil by USD 0.2 per each new bid.

The participating auction bidder to offer the lowest discount for purchasing one barrel of oil will be nominated as the Auction Winner.

At the beginning of each Delivery Stage, Auction Winner shall pay the Corporation in advance or shall submit to the Corporation a bank guarantee on the amount equal to 110 (one hundred ten) percent of the value of oil to be delivered at a respective Delivery Stage.

Auction will be held 4.00 pm, July 31, 2012 at the head office of Georgian Oil and Gas Corporation.