The subsidiary company of “Persia Oil and Gas Development Company” (POGDC) left project of oil refinery plant in Supsa.
ASIAN ROYAL FZE, partner of Fryona Commerce will replace Petrochemical Commercial Company international Ltd (PCCI) in the project of GEOPARS. ASIAN ROYAL FZE is from Dubai Free Trade Zone and sells oil products. Iranian Fryona Commerce operates in the same segment as well.
Construction of oil refinery plant in Supsa was announced on September 29. Former Economy Minister noted, that “Iranian side is an investor as well as resource provider, which is very important”.
The investor was delivered two land plots locating in the village Supsa. The investor company took commitment to construct oil refinery plant and spent not less than 20 million USD. Georgian-Iran company GEOPARS must provide full technical and economical maintenance before the implementation of the project, including Environmental and Social Impact Assessment (ESIA).
The products manufactured by oil refinery plant must be in line with the “Euro-5” standard. Besides that, company GEOPARS will implement mega investment project in the area of Black Sea cost. The project unites four components: bitumen plant, oil refinery, petro-chemical industry and logistics center.
The plants will work on Iranian material, which should be taken at a concrete price. Logistic partner of the project will be “National Tanker Company of Iran”. Supposed total value of the project is 1.5 billion USD.