12.Dec .2019 15:59

PHASIS OIL: we predict, that fuel price will be declined by 15-20% in Georgia

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The PHASIS OIL LLC and consulting company Deloitte & Touche held a joint presentation. According to the project, a high-tech oil refinery plant will be built in Kulevi at the area of Free Industrial Zone.

Gia Shavdia, executive director of PHASIS OIL declares that current volume of investment is 1.1 billion USD. The sum will be spent within 4 years.

“We already have partners in terms of technology and suppliers, we exactly know what our technologies will be. As for funding, the survey was completed a month ago. We have entered the international financial market to raise these funds and feel very optimistic", said Gia Shavdia.

According to the draft project, products generated by the oil refinery plant will be sold on the local as well as foreign markets.

“The plant will have three times more production than Georgia consumes, so Georgia will become an exporting country. As for the prices, according to our calculations, costs on the Georgian market will be reduced by15% -20%. The important thing is that the fuel will have the highest quality and the plant will not be tied to the market of any particular country. We buy raw materials on the international market. At present, Kazakh oil is the most acceptable for us. In addition, along with Georgia and region countries, we have a target on the Ukrainian market. The plant will produce Euro5 and Euro6 standard oil, and we may enter the European market as well. As for the final price, all our calculations are only on the international markets", Shavdia said.