Ammonia export terminal will be built on the Black Sea, – the Prime Minister Giorgi Kvirikashvili indicated after the ceremony of signing an agreement that provides for allocation of financial aid in an amount of 155 million USD by the European Bank for Reconstruction and Development (EBRD) to the company “Rustavi Azot”.
“Partnership Fund” has taken preliminary measures to implement the project.
In addition, funding received from EBRD will be utilized by “Rustavi Azot” to include new components in the circuit of ammonia production. At the same time, full modernization of the factory of “Rustavi Azot” that was built many years ago as well as switching to completely modern standards is ongoing.
According to Prime Minister, this is a complex project, which will begin with 155 million, but its scale is much bigger.
“This is an unprecedented transaction in the private sector. EBRD Regional Director for Caucasus, Moldova and Belarus Bruno Balvanera indicated that amount of funds invested till July 2016 by the EBRD is three times higher than the investments undertaken throughout 2015. This is the indication of the development and engagement of the international financial sector. Additional jobs will be created, thus increasing the country’s export potential and strengthening national currency – this is very important. Also, this technology is e compatible with all environment protection standards”, – Giorgi Kvirikashvili indicated.