Kazakh Bank to Invest in Georgia’s New Oil Refinery

A Kazakh BankTuranAlem (BTA) top executive said on January 11 that the Bank is considering investing in the construction of a new oil refinery plant in Georgia.

?A business-plan will be prepared within a month? This will be an international consortium with the participation of Georgia and Kazakhstan. Now participation of other investors is also being discussed,? RIA Novosti news agency quoted Mukhtar Ablyazov, the BTA Chairman of the Board of Directors, as saying after talks with Georgian President Saakashvili in Astana.

He said that the cost of the project is estimated at USD 350 million and construction of the refinery will take three years. ?We are ready to start construction this year,? the BTA executive said.

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