Exxon Mobil, VA Tech Wabag, and Schneider Electrics declared interest towards this complex.
Supsa Refining-Petrochemicals Complex (SRPC) within 4 years, will invest up to 3 BLN USD for the start up of a refinery and petrochemical complex designed to Euro 5+ emission standards in Supsa, Georgia. The facility will process 5 million tons of raw materials per annum, making oil and petrochemical exports from Georgia on a global scale.
SRPC has already become the member of the Global Refining and Petrochemical Industry. GBC (Global Business Club) has placed SRPC on the Global Refining-Petrochemicals Map and highlighted it as one of the major projects in the region.
Within the frames of Downstream Project Management Conference in Frankfurt, important meetings with the main players in the Petrochemical Market were conducted.
Caucasian Business Week interviewed CEO Mr. Lasha Koridze regarding the SRPC’s further development.
How did you appear on this map and how important is this for Georgia?
It is very important that our company was well received by the global Petrochemical family. You know that Georgia is 100% dependent on imported oil products and our complex gives our country the chance to become a net exporter of oil products.
At the Downstream Project Management Conference we had meetings with international companies such as: Exxon Mobil Corporation, VA Tech Wabag and Schneider Electrics. They expressed a great interest towards SRPC and stand ready to be part of the project. However, before the BFS is finalized, any details of such cooperation cannot be disclosed. The final BFS document will be ready in 2 months.
Argus Consulting conducted the market study to analyze the feasibility of the proposed complex.
In summary, in examining the potential market opportunities, Argus drew the broad conclusion that, in the markets likely to be open to a Georgian refining facility, there is sufficient incremental demand combined with a structural deficit for producing refined products to justify additional capacity investment.
Based on the analysis of the supply and demand outlook for the period to 2050, price forecasts, and forthcoming legislation, Argus highlighted the following as key conclusions when considering such investment in Georgia:
•Forthcoming legislation and ensuring oversupply is likely to make Heavy Sulphur Fuel Oil a very low value product.
•Demand for transport fuels globally is likely to peak in the middle of the lifetime of the proposed refinery, and competition for export buyers may increase towards the end of the