Georgian Oil and Gas Corporation announces auction for oil sale
Georgia, Tbilisi, July 18 / Trend N. Kirtzkhalia /
The Georgian Oil and Gas Corporation has announced the auction in connection with the sale of distributed Georgian Light and Georgian Heavy oil produced during 2012.
The Oil and Gas Corporation told Trend today that an annual volume of oil of two types - 24,600 tons was put on sale. Oil will be supplied in several stages during the term of the agreement formalized between the corporation and the winner of the auction.
Bidders will trade at $0.2 compared to the submitted discount of $7.8. The bidder who will present a smaller discount per barrel of oil will be a winner.
The winner is obliged to pay or give a bank guarantee amounting to 110 percent of the cost of supplied oil to the corporation at every stage before oil supply.
The auction will take place at the administrative building of the Oil and Gas Corporation on July 31.