Modern oil refinery to be launched in Kulevi

2025-04-29

The launch of the first large modern oil refinery in Georgia, next to the Kulevi terminal in the Supsa district, will seriously change the supply structure and the formation of prices for oil products - Parviz Mamedov, General Partner of the Central Asia-Caucasus Division of the Albanian company Energo Trade, stated this. Trend reports. According to Mamedov, despite the owners' statements about the possible launch of the plant in the spring, its launch is expected by the end of the year.

Georgia consumes approximately 650-670 thousand tons of gasoline, 620-650 thousand tons of diesel fuel and up to 150 thousand tons of aviation fuel annually, and the launch of the new plant, according to Mamedov, will significantly change these indicators, mostly in the direction of domestic processing.

The project for an oil refinery in the Kulevi Free Industrial Zone is being developed by the company Black Sea Petroleum, and on February 20, a new investor, Dunamis, was added to the project, which acquired a 29.3% stake in Black Sea Petroleum.

The total investment volume of the project is $700 million. At the first stage, the plant will process 1.2 million tons of crude oil per year, and in the future the capacity will increase to 4 million tons.

The construction of a large enterprise in Kulevi was planned back in 2012, when an investment agreement was signed between the then Georgian government and the Azerbaijani state oil company SOCAR. However, the project could not be implemented then, which is why the government replaced the investor.

Info: commersant.ge