BAKU, Azerbaijan, December 7
By Tamilla Mammadova – Trend:
An oil refinery will be built in Georgia, Trend reports citing Georgian media outlets.
The project is intended to be implemented by British "Evolve Trading and Investment" and SAVM-SABA Group LP companies. As planned, the enterprise will become an international hub that will serve both local and foreign oil companies.
According to the initiative of the International Maritime Organization, all ships in the world, from small boats to giant tankers, will be required to use only low-sulfur fuel oil from January 1, 2020, and all other types of fuel will be banned.
The oil refinery of Georgia will produce this low-sulfur fuel oil, the report said.
“When implemented, this technology will make a huge socio-economic difference to Georgia with the creation of hundreds of jobs and will send a message to the world 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 sulfur fuel oil for marine and domestic use”, noted "Evolve Trading and Investment" company.
According to the company, the introduction of this new International Maritime Organization global ruling will have a huge impact on the shipping costs and vessel owners.
On average, an enterprise will be capable to process 30,000 barrels of oil per day, but if there is market demand, this figure can be significantly increased.
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