BAKU, Azerbaijan, December 12
By Tamilla Mammadova – Trend:
A high-tech oil refinery will be built in Georgian Kulevi at the area of Free Industrial Zone, Trend reports citing Georgian media outlets.
As reported, Georgian PHASIS OIL LLC and consulting company Deloitte & Touche held a joint presentation.
Gia Shavdia, executive director of PHASIS OIL, declared that current volume of investment of this project is $1.1 billion.
“We already have partners in terms of technology and suppliers, and we exactly know what our technologies will be," said Shavdia.
According to the draft project, products generated by the oil refinery plant will be sold both on the local and foreign markets.
As Shavdia said, the plant's production will be three times more than domestic consumption, so Georgia will be able to export the products.
"As for the prices, according to our calculations, it will reduce the prices on the domestic market by 20 percent/ although we buy raw materials on the international market," the executive director said.
As he noted, the important thing is that the fuel will have the highest quality and the plant will not be tied to the market of any particular country. The plant will produce Euro 5 and Euro 6 standard oil.
"The final product shall be ecologically clean “Euro 5” standard petrol and diesel fuel, which will considerably improve the ecological situation in the country", Shavdia said.
The construction of oil refinery in Kulevi is scheduled to be launched in 2021. As reported, 1,500 persons will be employed during the construction, and 70 percent of employees will be local residents.
After the refinery shall be operating at its full capacity, proceeds to the state budget of Georgia will amount to around 50-60 million lari ($17.3-20.8 million) annually.
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