Extol Trading Limited Will Purchase Oil From GOGC

30 November, 2012
Extol Trading Limited will purchase Georgian Light and Georgian Heavy oil obtained in 2012 from Georgian Oil and Gas Corporation (GOGC).

Auction for the sale of oil was held on November 30, 2012. Only one company took part in the auction and the discount of USD 10 set by the corporation was reduced by USD 0.2.

The auction for the sale of up to 11 000 (eleven thousand) tons of Georgian Light and 2 000 ( two thousand) Georgian Heavy oil had been announced eight times, however due to no response the auction failed each time. On November 10, 2012 GOGC announced another auction.

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.