Geo Point Technologies, Inc., a California-based engineering contractor with special expertise in the earth sciences, announced today the acquisition of GSM Oil Holdings Ltd., a Cyprus company which itself recently acquired Sinur Oil LLP, a partnership in Kazakhstan which owns and operates an oil refinery in Karatau, Kazakhstan. The acquisition links Geo Point with Sinur in Geo Point’s first move into the oil refining business.
Using a patented oil refining technology, Sinur has built a near-zero emissions micro oil refinery, expected to process 2,000 tons of crude oil per month, producing diesel fuel, gasoline, and heating oil. The system uses electromagnetic induction versus standard open-flame combustion, minimizing operating pressures and operational safety risks.
Geo Point President and CEO, Jeffrey Jensen, said of the takeover, “This acquisition signifies a major shift in our focus, as Geo Point Technologies is now operating a state-of-the-art, green oil refinery in southern Kazakhstan. 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.”
The agreement makes GSM a wholly-owned subsidiary of Geo Point, with GSM shareholders assuming controlling interest in Geo Point Technologies. Simultaneously, Geo Point’s board of directors appointed Gafur Kassymov, currently the General Director of Sinur Oil, as the Chairman of the board of directors for Geo Point. Mr. Kassymov replaces William Lachmar who resigned from the board, but who will continue as Manager of Environmental Remediation.
Mr. Kassymov is the Chairman of the Uzbek Ethnic Cultural Association in the Republic of Kazakhstan, a non-governmental and non-political body, and is also a member of the Kazakhstan People’s Assembly, chaired by the President of Kazakhstan.
For additional information, visit the company’s website at www.GeoPointTech.com.
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