Economy
Posted: 7 months ago

Oil Refinery Factory to be Built in Georgia

Evolve Investment Trading and Investment a UK based company with offices in Wales and SAVM-SABA Group LP have an agreement in place to introduce cutting edge technology in Oil refinery industry into Georgia and Black Sea region and create a hub for local and international distribution of Low Sulphur Marine Fuel Oil.

Several meetings have been held with Senior vice president of Evolve Mr George Karstein Irvine and David Laury Managing director of SAVM-SABA.

When implemented this technology will make a huge socio-economic difference to Georgia with the creation of hundreds of jobs and will send a strong message to the world and its leaders that Georgia is ready to embrace the goals set by the Paris agreement on climate change by introducing the first ever purpose built hub in the Black Sea to produce and distribute Low Sulphur Fuel Oil for Marine and domestic use.

The introduction of this new International Maritime Organization global ruling which comes into force 1st January 2020 will have a huge impact on shipping costs and vessel owners We feel that Georgia having an abundance of local skilled labour and being geographically located within the Black Sea to be the optimum choice to locate the technology which will be a global game-changer.

The facility will have the capacity to process 30.000bopd per day but can be increased in line with market demands. In addition to creating the first hub in the black Sea for the processing and distribution of Low sulphur fuel products