One of the largest investment groups of the Kingdom of Bahrain is interested in the project of oil refinery PHASIS OIL in Kulevi

The PHASIS OIL LLC implements a high-tech oil refinery project in Kulevi. According to the information provided by the company, the technological equipment of the plant is provided by American Chemical Company DuPont. This technology was developed several years ago specifically for oil refineries and was first introduced in the USA. During the production process crude oil is 100% processed, and eventually produces ecologically clean “Euro 5” standard petrol and diesel fuel.

According to the Director of PHASIS OIL LLC Gia Shavdia "the project is unique for Georgia, as the production will not generate solid waste, and the end product shall be ecologically clean “Euro 5” standard petrol and diesel fuel, which will considerably improve the ecological situation in the country, and as you know, the main source of environmental pollution is oil product of poor quality, which is consumed by vehicles. Negotiations regarding implementation of the EPC contract of the project are being conducted with the famous Spanish engineering company Technicas Reunidas, which has implemented more than 1000 sophisticated engineering projects worldwide, while negotiations regarding operation and management of the plant are ongoing with three world oil giants (Shell, Eni, CEPSA). The following stages of the project have been already completed: complete technological audit (Technicas Reunidas), preliminary technical and economic feasibility study (Deloitte and Touche), full environmental impact assessment (Eco Spectrum), crude oil supply and product sales agreements (Litasco Geneva, Cepsa Oil, Vilma Oil). It should be noted, that at this stage one of the largest investment groups in the Kingdom of Bahrain - RPM W.L.L, is interested in our project. Their delegation visited Georgia on December 28th, 2018 to conduct negotiations. Within the framework of the visit, representatives of the investment group expressed full readiness to participate in the project at the meeting held in the Ministry of Economy and Sustainable Development of Georgia. Currently the memorandum between the parties is being drafted up and finalized.

The construction of oil refinery in Kulevi will last 3 years and 400 people will be employed there, 70% out of which will be local residents. Most of the employees will be trained in Europe's leading oil refineries. The company also plans to establish a vocational educational institution for the preparation of the specialists on the base of the plant, which shall promote employment of the local population. After the refinery shall be operating at its full capacity,proceeds to the state budget of Georgia will amount to around 40-50 million GEL annually. It is important to stress, that by launching the PHASIS OIL refinery, Georgia shall transform from the importing oil products country, to the exporter country.

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