Phasis Oil LLC and Deloitte & Touche counseling company will construct a high-tech oil processing factory in Kulevi, Khobi Municipality, Georgia.
Phasis Oil CEO Gia Shavdia said the Cepsa Company will manage the factory.
In Shavdia's words, the fuel price will decrease by 15 – 20% after the factory construction, and it will process about 98% of the raw oil.
The production will not result in solid waste and will produce petrol and diesel complying with Euro 5 and Euro 6 standards.
The parties will launch construction in 2021. The project will have a status of the free industrial zone at the initial phase of the factory construction and operation.
After launching an operation in full capacity, the government will lift tax privileges, and the state budget will receive about 50 – 60 million USD per annum.
''We will sign a deal with the Cepsa company by the end of March [on the factory management],'' said Gia Shavdia, adding Phasis Oil LLC has already launched the process of concluding contracts with Royal Dutch Shell and Axen companies.
Source: Commersant
Bela Gelashvili
News Author