Georgian Oil and Gas Corporation announces auction

Oil&Gas Materials 26 January 2012 15:37 (UTC +04:00)

Georgia, Tbilisi, Jan.26 /. Trend, N. Kirtskhalia /

The Georgian Oil and Gas Corporation (OGCG) sells oil extracted and distributed in 2011, the corporation said on Thursday.

According to the report, 18,000 tons of Georgian Light oil and 2,500 tons of Georgian Heavy oil were put up for auction.

As a result of the auction, the winner will be a company that will offer the most favorable discount. Bidding will begin at a discount rate of $7.7.

Oil will be supplied in phases based on a general agreement between the OGCG and the tender winner.

The auction will be held at 16:00 on Feb.16, 2012 in the OGCG administrative building.