Georgian Prime Minister Irakli Kobakhidze presented the Kulevi Oil Refinery project to be built on the Black Sea coast with an investment of $700 million. Black Sea Petroleum, a Tbilisi-based company, is constructing the project, making it the largest investment in the country’s history.
The refinery, with its first phase budget of $110, has the capacity to process 1.2 million tons of crude oil a year, with the ambition to have processed up to four million by 2028.
The project, regarded as the primary national priority, will create 500 new jobs among local residents, and will enhance the country’s export possibilities.
Kobakhidze also mentioned the project’s ability to strengthen Georgian energy security and encourage more competition on the market among youths.
