Geo Point Technologies has revealed the completion of a strategic planning process and a significant change in the company's business plan with the signing of a definitive share exchange agreement with GSM Oil Holdings, which is in the process of buying a Kazakh oil refining company Sinur Oil through its wholly owned Dutch subsidiary.

Sinur Oil is a development-stage company with operations in the southern area of Kazakhstan and has recently completed its initial micro oil refinery.

The micro oil refinery is expected to process approximately 2,000 tons of crude oil per month, and is scheduled to begin start-up operations this week. The refinery uses electromagnetic induction in place of traditional open flame combustion. Operating pressures are minimized and safer compared to open flame combustion technology, according to the company.

From this transaction, Geo Point expects to emerge with a new, rapidly growing and profitable business model as an oil refiner in a region with significant oil but insufficient refining capacity.

Jeffrey Jensen, president and CEO of Geo Point, said: “We are excited to announce that we have taken another major step towards achieving our goal of entering the oil refining business. After much research, we have determined to pursue an opportunity to acquire a state-of-the-art, green oil refinery in Southern Kazakhstan.”