Kazmunaygas is to construct terminal and refinery in Batumi for $1 bn.

/REUTERS, Astana, March 6, 07/ - Kazakhstan oil and gas state-owned company Kazmunaygas is going to construct the new terminal and the refinery in Georgian port Batumi, said the president Nursultan Nazarbayev after meeting with the Georgian colleague Mikhail Saakashvili. "Now Kazmunaygas acquires a controlling shareholding in the port Batumi. If it happens, they plan to build the terminal and then to construct the refinery," said Nazarbayev to journalists. "This is the largest project, it is planned for $1 bn.," commented his words Saakashvili. The owner of the Batumi oil terminal the holding Greenoak in September of the last year established JV with Kaztransoil, the daughter company of Kazmunaygas for railway transportation of oil in Georgia from Kazakhstan. Greenoak also stated about its own plans of constructing a refinery in Batumi, having estimated the project at $3.2 bn. [2007-03-06]