Phasis Oil LLC investment project implies construction of a modern crude oil refinery allowing for production of Euro 6 oil products. 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