PHASIS Oil Company reveals details of construction of oil refinery in Georgia

PHASIS Oil Company reveals details of construction of oil refinery in Georgia

BAKU, Azerbaijan, Feb.11

By Tamilla Mammadova – Trend:

PHASIS Oil Company will begin the construction of the oil refinery in Georgia in 2020, and it will be finished in the end of 2023 or at the beginning of 2024, the company told Trend.

"It will be the most modern refinery in the region," said the company.

As the company noted, Georgia will no longer depend on from imported gasoline and diesel.

"Approximately 25 percent of our production, 4.2 million tons will be supplied to the local market," said PHASIS Oil Company.

According to the company, the rest part will be exported worldwide.

"We will purchase crude oil and deliver gasoline, diesel and jet aviation fuel," the company noted.

The company's investment is approximately $1.2 million. Tecnicas Reunidas, a Spanish-based general contractor which provides engineering, procurement and construction of industrial and power generation plants, has been selected as Engineering, Procurement, Construction (EPC) contractor.

As reported, 1,500 persons will be employed during the construction, and 70 percent of employees will be local residents.

The plant will produce Euro 5 and Euro 6 standard oil.

After the refinery will operate 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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