Georgian Oil and Gas Corporation sells 13,000 tons of oil
Georgia, Tbilisi, Dec.4 / Trend N.Kirtskhalia /
The Oil and Gas Corporation of Georgia (OGCG) sold 13,000 tons of oil produced in Georgia during its ninth attempt. As the OGCG said on Tuesday, 11,000 tons of Georgian Light oil and 2,000 tons of Georgian Heavy oil were sold at the auction on Nov.30.
The auction was attended only by Extol Trading Limited, which received a $10 discount for each ton of oil.
OGCG reported that Georgia is divided into several licensed blocks for oil production.
Investors, producing oil, are working there, and they transfer part of oil to the Georgian state for sale based on the equity agreement.