The project intends to pursue the British company “Evolve Trading and Investment” in cooperation with the company of SAVM-SABA Group LP, which manages a variety of projects.
It is expected that the company will be an international hub that will serve both local and foreign oil companies, writes the Business.Georgia.
According to plans, the plant will produce low-sulphur fuel oil, which from 1 January 2020 will be the only ship fuel around the world – all ships in the world, from small boats to giant tankers will be required to use only its, and all other fuels will be banned.
“For consumers in Georgia, and most importantly, the entire black sea region, the establishment of the country’s enterprises for the production of low sulfur fuel oil will be a clear message to the world community that Georgia is not in words but in reality faithful to the principles of the Paris agreement on climate change.”
We know that in Georgia there is a lot of experienced personnel in the field of refining, and geographical location of the country in the Black sea provides optimal possibilities for the introduction of modern technologies in 2020 will be used throughout the world,” – said in a statement to investors.
On average, the company will be able to process 30,000 barrels of oil per day, but in the case of market demand, this figure will significantly increase.
The project envisages the creation of hundreds of jobs.