Georgia Secures New Investor for Kulevi Oil Refinery Project

Economics 1678775627    39


The Kulevi oil terminal is a strategically important facility located on the Black Sea coast of Georgia. The terminal was built in 2007 and was initially operated by a Kazakh company, KazMunayGas. In 2012, the Georgian government awarded the rights to operate the terminal to Sokar Petroleum Georgia, a subsidiary of a German oil company, SOCAR. However, Sokar Petroleum Georgia was later replaced by another company as it failed to fulfill the conditions set by the government.

Recently, the Georgian Minister of Economy, Levan Davitashvili, announced that a new investor, Black Sea Petroleum, will take over the operation of the Kulevi oil terminal. According to Davitashvili, the new investor is committed to fulfilling the obligations set by the government and will invest at least $30 million in the first stage of the project, which will involve the construction of an oil refinery. The project will be developed in multiple stages, with the ultimate goal of creating a high-level and complex chemical industry that will process oil products under modern conditions.

The Kulevi oil terminal has the potential to play a significant role in the energy security of Georgia. The terminal has a capacity of 10 million tons of oil and petroleum products per year and is capable of accommodating large oil tankers. With the new investor taking over the operation of the terminal, it is expected that the facility will be developed to its full potential, providing significant economic benefits to the country.

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