Key Inputs for the Phasis Refinery

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.

4.2m Metric Tonnes of Annual Throughput

(94,5k barrels per day)
1.2% Residue
42% Euro 6 Gasoline
32% Euro 5 Diesel
23% Jet A1 Fuel
0.6% Sulphur
0.5% Propane

Capital Expenditure and Working Capital of USD 1.1 Billion

The 2019 Phasis Oil public conference, held at the Sheraton Hotel in Tbilisi, Georgia, was a significant event that marked a new era in the region’s energy sector. The conference was a showcase of the ambitious plans of Phasis Oil to construct a state-of-the-art oil refinery with a capacity of 4.2 million tons. The aim is to supply the region with the highest quality of fuels adhering to Euro6 standards and Jet A1 aviation fuel. The conference was a platform for Phasis Oil to demonstrate its commitment to modernization, environmental sustainability, and the economic development of Georgia.


The conference also highlighted Phasis Oil’s strategic partnerships with world leaders such as Deloitte, Tecnicas Reunidas, Shell, and Axens. A panel of experts took the stage to provide a comprehensive overview of the project, detailing its technical aspects, economic implications, and environmental considerations. The panel’s presentation was a testament to the collaborative efforts of these global giants, working together to bring this vision to life. The conference served as a public affirmation of Phasis Oil’s commitment to innovation, collaboration, and the pursuit of excellence in the energy sector.

Georgia Business Climate

Georgia's 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%

7th Ease of Doing Business

2nd Starting a Business

7th Protecting Minority Investors

BB Credit Rating, 2023

Ba2 Credit Rating, 2023

12th Economic Freedom Index, 2021

Configuration and InfrastRucture

The TR-configured refinery will independently distribute oil products via rail or the Black Sea, leveraging top-notch infrastructure for market autonomy. The system, designed with modern technology and environmental considerations, aims for operational excellence.
Production units are chosen from proposals by industry leaders TR, Shell, and Axens. The selection merges global standards and innovation, optimizing refining processes. This collaboration embodies the refinery’s dedication to high-quality, safe, and environmentally responsible oil production.



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

Contact Us

    Streamtrade SA (Geneva) Switzerland

    Avenue Blanc 53, CH-1202 Genève



    Mrs. Tatiana Gaivas 

    Senior Relationship Manager, TEP 

    Fondée de pouvoir