Greenoak Group said on November 17 that it has purchased 80 hectares of land in Adjara Autonomous Republic from the Georgian government for USD 27,1 million for the construction of an industrial complex.
The plot of land, which is adjacent to Batumi Seaport, will be used to construct a crude oil refinery, a methanol plant and an ammonia plant, Greenoak Group said in a statement.
The company projected that USD 3,2 billion will be the total cost of the project, and said that it will create more than 5,000 new jobs in Batumi during the construction period and at least 1,000 jobs on an ongoing basis.
?The project we intend to launch through this land acquisition is truly historic. To make it successful we should organize a Consolidated Industrial Complex in Batumi, where all logistics, planning and environmental issues will be properly structured,? Jan Bonde Nielsen, the chairman of Greenoak Group, said.
In May 2006, Greenoak Group purchased the management rights of Batumi Seaport for 49 years after paying USD 92 million.
The company, which also owns Batumi Oil Terminal, signed a deal in September with Kazakh state-run KazMunaiGas to set up a joint company to secure the flow of more Kazakh crude oil.
Greenoak also owns a factory in Batumi that manufactures ready-made garments and is constructing a power plant in Kobuleti with a capacity to produce 70 megawatts of electricity.
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