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Israeli entrepreneur discovered oil not so far from Tbilisi2009-08-19 12:48
Flatto-Sharon announced according estimation the deposit contains over 80 mln barrels of oil. At the current price it will cost USD 5 bn.gt-en-newsitem-inside
The entrepreneur stated he purchased the lot of 1000 hectares 100 kilometers away from Tbilisi mainly because of the river, since water is becoming one of the most important economic resources. In the course of his recent trip he and his son learnt there are derricks and oil.
According to Flatto-Sharon, the rights for oil extraction were sold to one American company, but as the owner of the land, he negotiates with them to have a share.
In February 2009 Georgia Times reported that representatives of Frontera Resources declared they found an oil and gas deposit in village Mirzaani [Kakheti region].
The company has been working in Georgia since 1997, and together with Gruzneft established joint enterprise Frontera Eastern Georgian.