Geo Point Technologies has bought GSM Oil Holdings, a limited liability company in Cyprus, through a share exchange agreement.
GSM recently acquired Sinur Oil, a limited liability partnership, which owns and operates an oil refinery in Karatau, Kazakhstan.
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The micro oil refinery, built by Sinur, has the capacity to process 2,000t of crude oil per month.
With the acquisition Geo Point marks its entry into the oil refining business.
Geo Point president and CEO Jeffrey Jensen said that the region has tremendous oil reserves, but lacks refining capacity and Geo Point anticipates strong domestic demand for its refined fuel products.
“Now that the acquisition is complete, we will look at expanding our facility in the near future,” he added.
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