Geo Point Technologies buys Kazakh oil refinery
Geo Point Technologies has officially entered the oil refining business in an underserved region of the world with the completed acquisition of GSM Oil Holdings. GSM recently acquired Sinur Oil, which owns and operates an oil refinery in Karatau, Kazakhstan.
"This acquisition signifies a major shift in our focus, as Geo Point Technologies is now operating a green oil refinery in southern Kazakhstan," said Jeffrey Jensen, Geo Point's CEO. "This region has tremendous oil reserves, but lacks refining capacity, and we anticipate strong domestic demand for our refined fuel products. Now that the acquisition is complete, we will look at expanding our facility in the near future."
Using a patented oil refining technology, Sinur Oil has built a near zero emissions "micro" oil refinery, expected to process approximately 2,000 tons of crude oil per month. The refinery uses electromagnetic induction in place of traditional open flame combustion, which minimizes operating pressures and provides a safer work environment for plant operators. The refinery is located on a 4.3 hectare site that contains the refining equipment, storage tanks, administrative buildings, boilers, pumps, a warehouse, and a rail spur. The three main refined products are diesel fuel, gasoline and mazut (a heating oil).
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