In this work, a thermodynamic model based on statistical association fluid theory (SAFT) is developed to predict the phase behavior of mixtures containing asphaltene contents. The SAFT equation of state is a good candidate for closing that gap between statistical mechanic models and the classical models dominated by cubic equation of state. A robust, fast and accurate computational algorithm based on Chebyshev polynomial approximation is developed to calculate the density and hence fugacity using SAFT equation of state in order to perform phase equilibrium calculations. Application of Chebyshev polynomials to approximate pressure-density function leads to an interpolation error of degree 10 (13). Application of the proposed algorithm to calculate density of binary systems composed of ethanol and toluene shows an average relative deviation of 0.143% in the temperature range 283.15-353.15 K and for pressures up to 45 MPa. The proposed model is developed to predict the precipitation behavior of petroleum fluids containing asphaltene. The effect of pressure, temperature and solvent concentration on the amount of asphaltene precipitation is investigated. A good agreement with an AAD of 2.593% is observed between experimental and predicted amount of asphaltene precipitate. The model is also tested to investigate the effect of temperature and solvent concentration on asphaltene onset pressures (upper and lower). Again, an excellent agreement is observed between experimental and predicted values of the asphaltene onset pressure at different temperatures and solvent concentrations with an average 0.705% relative error. The accuracy of the proposed model is compared with WinProp software using Peng-Robinson equation of state with average 53.132% and 8.657% relative errors for the amount of asphaltene precipitate and onset pressure, respectively. (C) 2010 Elsevier Ltd. All rights reserved.