The Georgian Prime Minister Irakli Kobakhidze has announced the construction of Georgia’s first full-cycle oil refinery by Black Sea Petroleum, describing it as a historic achievement for the nation’s economy. Speaking at the presentation of the Kulevi oil refinery project, Kobakhidze emphasized the project’s significance for economic growth.

“This is the largest private investment project in the history of independent Georgia,” Kobakhidze stated. “The budget for the first phase is $110 million, with total investment reaching $700 million.”

“Equipped with cutting-edge technology, the refinery is scheduled to begin operations in March 2025. It will initially process 1.2 million tons of crude oil annually, with plans to increase capacity to four million tons by 2028. The facility will produce high-quality petroleum products for both local and international markets, including Europe,” he declared.

Kobakhidze highlighted the refinery’s importance in boosting Georgia’s export potential and improving the foreign trade balance, which will help stabilize the national currency and promote sustainable economic growth.

“The refinery will reduce our reliance on imports and create a more competitive market—one of our national priorities.

The project will also generate 500 high-paying jobs in its first phase, with most positions filled by local residents. Additionally, it aims to provide new learning and professional opportunities for young people in Georgia, he declared.

“The Kulevi refinery will play a key role in enhancing the country’s energy security and independence,” Kobakhidze added, noting that the project aligns with both economic and social development objectives.

Kobakhidze concluded by expressing gratitude to Black Sea Petroleum and everyone involved in the project, calling it transformative for Georgia’s future.

The presentation event, held in Kulevi, was attended by Prime Minister Irakli Kobakhidze and Minister of Economy and Sustainable Development Levan Davitashvili.