Kulevi Oil Refinery’s project is the single largest private investment in the history of independent Georgia, one poised to be an invaluable asset benefitting our country’s economy, Prime Minister of Georgia said in his speech at today’s presentation of the Kulevi Oil Refinery project.

The budget of the initial phase of construction makes up 110 million USD, while the entire project’s investment value amounts to 700 million USD.

“The refinery will be equipped with modern hi-tech machinery to underpin top-quality international-standard end products. The enterprise will launch operations in March 2025, processing 1.2 tons of crude oil a year at the initial stage. This volume will gradually increase to 4 million tons.

By the end of 2028, the refinery will boast a full high-tech set for processing crude oil and petroleum products. Next, Black Sea Petroleum will be able to offer various types of petroleum products in the local market. Equally importantly, products will be exported to Europe and other global markets.

The project will have a tremendous positive impact on the country’s economic growth. And the country’s export potential will increase dramatically, with an upgraded foreign trade balance, something that will encourage the sustainability and stability of the national currency, and the steady development of our economy in general. The plant will ensure the creation of high-paying jobs meeting international standards, employing 500 people at the initial stage. Importantly, the employees will consist mostly of locals.

And it is very important that the project will offer unique opportunities for shaping new professions in Georgia and enabling young people to acquire new knowledge and work experience. Consequently, along with economic, the project also has societal and national importance. Kulevi Oil Refinery will play a significant role in the cementing of the country’s energy security and independence. I thank and wish success to Black Sea Petroleum, its leadership, everyone involved in the project’s implementation”, - said Irakli Kobakhidze.