The license was issued by the Kazakh government after a lengthy process of document submission, quality testing and review by various government departments including the Ministry of Industry and Trade, the Agency for Natural Monopolies and the Ministry of Oil and Gas.
Sinur Oil can now begin commercial activities, and expects to book its first sales in the coming weeks.
Geo Point Technologies president Jeffrey Jensen said that this is a major milestone for the company, and a key component of its plan to enter the refining business.
"With the granting of this license from the Kazakh government to Sinur Oil, Geo Point Technologies can now proceed with the acquisition of Sinur Oil, which we expect to finalize within the next few weeks," Jensen said.
On May 7, 2010, Geo Point entered into a share exchange agreement to acquire all of the issued and outstanding stock of GSM Oil Holdings, a limited liability company organized in Cyprus. GSM Oil Holdings is in the process of acquiring Sinur Oil through its wholly owned Dutch subsidiary, GSM Oil.
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 results in lower operating pressures and a safer work environment.
