Azerbaijan, Baku / Trend corr. V. Sharifov / Uzakbay Karabalin, the President of Kazakstan's Oil and Gas Holding "KazMunayGaz" and Jan Bonde Nilsen, the Chief Batumi Oil Terminal, have signed a Memorandum "On Mutual Understanding" on the project to construct a new oil refinery plant in the Georgian Black Sea City Port of Batumi, Trend reports quoting a report by Greenoak.
"KazMunayGaz" and Greenoak, an international investment company are expected to establish a new joint venture to construct, operate, and maintain Batumi Oil Refinery. The future oil refinery's operation will be intended for local and foreign markets.
The capacity of the new refinery plant will reach 5-7 mln tons per year. The amount of investments to be put into the construction of the new oil refinery is expected to be at a level of $1 bln.