The company "Phasis Oil" is working on implementing a high-tech oil refinery project in Kulevi, which involves the investment of more than a billion dollars. According to Gia Shavdia, CEO of Phasis Oil, the plant will process 4.2 million metric tons of crude oil per year and produce Euro 5 and Euro 6 standard oil products. The management of the company claims that the launch of the first Euro-standard oil refinery in Georgia will reduce the price of fuel on the domestic market by 15-20% and improve the ecological environment. Kazakhstan will supply the company with crude oil; other considered sources are Libya and Saudi Arabia.
"Negotiations are underway with potential investors, as well as a design phase involving several world-renowned consulting and design companies, including Deloite & Touche. Negotiations are underway to purchase technology licenses with the world's largest oil company Shell Global Solutions, France's Axenes and Spain's Technicas Reunidas," says Gia Shavdia, CEO of "Phasis Oil" and adds that the state supports the project and hopes that this support will be further strengthened due to the current situation.
He explained that the pandemic delayed the plan to develop the plant, but the company is trying to adapt to the situation and not stop working on it. "Phasis Oil" hopes to return to the schedule by the spring of 2021.
