European oil giant will be engaged in the management of oil refinery plant in Kulevi, - Gia Shavdia, a representative of the investor company Phasis Oil told GBC.
He didn’t specify the company until a final agreement is signed, but noted that a memorandum was signed with the European company and talks are planned to be completed by the end of the year.
However, the company will submit necessary documentation to the Ministry of Economy before the end of the year to receive construction permit. According to Shavdia, the EIA report is currently being prepared. The largest Spanish company Técnicas Reunidas is involved in the process, which has many years of experience in this field. The company will also conduct technological expertise of Phasis Oil.
“It's a large-scale project, so the terms are prolonged. I think we will start construction works in the spring of 2018," says Gia Shavdia and adds that the investment portfolio has increased and 600 million are set to be invested instead of 400 million.
As reported, the light crude oil purchased on the international market will be delivered to the factory by vessels, part of which will remain on the local market and some will be exported to Ukraine, Eastern Europe and North Africa.