Phasis Oil LLC investment project implies
construction of a modern crude oil
refinery allowing for production of
Euro 6 oil products

In September 2019, Deloitte conducted a feasibility study of light
crude oil refinery to determine, if the project is a go/no go. The
study shows that the project is economically and financially feasible.
Later in January 2020, Deloitte as per request of the Client has
updated the feasibility study due to received new proposal from
Axens that significantly decreased CapEx investment. Our latest
financial model demonstrates a positive net present value (NPV) of
USD 770m and an internal rate of return (IRR) of 27.8% with a
payback period of 8 years.

Refined oil products will be marketed to a broad base of
independent retailers on the wholesale markets of Georgia,
Armenia, Ukraine, North Turkey and Mediterranean market.

In August 2019 Técnicas Reunidas completed technical audit study.
The Project’s Environmental Impact Assessment (EIA) was prepared
by Eco-Spectri, an independent consultant on social and
environmental protection issues and was approved by the Ministry
of Environmental Protection and Agriculture in January 2019

Key inputs for the Phasis refinery

Annual throughput of 4.2m Metric Tonnes (94,5k barrels per day)

42% Euro 6 Gasoline

32% Euro 5 Diesel

23% Jet A1 Fuel

1.2% Residue

0.6% Sulphur

0.5% Propane

Capital expenditure and working capital of USD 1.1 bln

CapEx per tonne
USD 262

OpEx per tonne
USD 34

Georgia's strategic location and long history of oil trade create a favourable business climate

Georgias GDP growth

2013 3.4%
2014 4,6%
2015 2,9%
2016 2,8%
2017 5,0%
2018 4,9%
2019 4,7%
2020 5,0%
2021 4,9%
2022 5,0%

Configuration and infrastructure

The refinery is configured by TR and will have all the infrastructure to independently market its oil products by either railroad or the Black Sea

Production units were selected based on the proposals provided by TR,
Shell and Axens


The project is structured in a single phase with the first production capacity
to be commissioned not later than 4Q 2023

Project Partners

Technical Consultancy

  • Technical specifications of refinery as well as projected output
  • CapEx and OpEx for setting up refinery
  • Technology & licensing for crude oil distillation, Gas processing, sulphur recovery & hydrogen units




  • Development of Pre-Feasibility Study
  • Development of Feasibility Study

Technology provider

  • Middle Distillation Hydrotreating & hydrocracking unit technology & license proposal for Diesel unit & Kerosene production

  • Naphtha Hydrotreatment unit technology & license proposal

Technology Provider

  • Isomerisation technology & license proposal for naphtha octane number increase
  • Reforming technology & license proposal for naphtha octane number increase


Environmental Consultancy

  • Environmental impact assessment
  • Construction master plan
  • Document preparation for construction



Phasis OIl LLC

2 Leo Kiacheli St.

0108 Tbilisi, Georgia

+995 32 2 920 119

+995 577 767 078