The Georgian Prime Minister Irakli Kobakhidze unveiled the Kulevi oil refinery project on the Black Sea coast of the country, calling it the “largest private investment initiative in the history of independent Georgia”, with an investment volume totaling $700 million.

Kobakhidze announced the Tbilisi-based company Black Sea Petroleum would construct the country’s first oil refinery, with the initial phase of construction estimated at $110 million.

He said the refinery aimed to produce “high-quality” petroleum products that meet international standards with “cutting-edge technology” and “modern equipment”.

"Once operational in March next year, the Kulevi oil refinery is anticipated to process 1.2 million tonnes of crude oil annually, with plans to gradually scale up production to four million tonnes. By the end of 2028, the facility will fully implement advanced processing capabilities for crude oil and petroleum products”, - Kobakhidze added.

The Prime Minister emphasized the significance of the refinery not only for local consumption but also for export opportunities.

"The Black Sea Petroleum will be positioned to supply various types of petroleum products to local markets and export them to Europe and beyond,” - he added.

Kobakhidze also highlighted a “significant positive impact” of the project on the country’s economic growth.

The country’s export potential will increase substantially, improving the foreign trade balance. This, in turn, will contribute to the sustainability and stability of the national currency and promote the overall stable development of our economy”, - Kobakhidze said.