Georgian Prime Minister Irakli Kobakhidze revealed the Kulevi oil refinery project on the Black Sea Coast, with the investment budget of $700 million. Black Sea Petroleum, 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 tonnes 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 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.