Georgia, Tbilisi, Feb.10 / Trend N. Kirtskhalia /
The Indian company JSPL Oil & Natural Gas will invest $150 million in oil production in Georgia. As the company's Georgian representation said, drilling operations at two facilities have already started and $17 million has been invested so far.
The investors are hopeful that they will find oil in Georgia.
The company has acquired a license for oil exploration and production in three blocks in eastern Georgia. The company paid $11.6 million for the license.
The company is also considering the possibility of creating a small oil refinery in Georgia to meet domestic demand. This will also reduce the cost of oil transportation.
The company, a leader in steel production and power generation in India, will conduct a preliminary technical assessment to acquire shares in the oil block in Kazakhstan.