MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

"Kulevi Oil Refinery is one of the important projects for the energy security and energy independence of our country. In the history of independent Georgia, such large investments have not been made many times, and the scale of the project is, of course, exceptional. This is a clear example of high-level coordination between the state and the private sector, which will allow us to establish a new industry in the country," –the First Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili said at the presentation of the new project. Davitashvili attended the event together with the Prime Minister Irakli Kobakhidze, other members of the government and the representatives of the business sector.

The Black Sea Petroleum is building the first full-cycle oil refinery in Georgia. It is the largest private investment project in the history of the country's independence – the total investment volume reaches 700 million USD. As the First Vice Prime Minister mentioned, within the first phase, the release of over 1 million tons of products is expected. However, the project is to be developed in several phases, and at the last stage, the enterprise will be able to satisfy the local consumption and produce high-standard products, which will be exported to the European market.

"We once again should mention the geographical advantage that our country has, and it is this advantage that gives us the basis to create a competitive, commercially successful project - an oil refining enterprise in Georgia." This is a unique project not only in Georgia, but also in the region. Along with economic growth, the importance of energy independence and the demand for energy resources are increasing. Therefore, it is important that the country can make maximum use of its own resources. I would like to thank the investors for the trust they showed in the implementation of an important project," – the Minister of Economy and Sustainable Development said.

As it was mentioned during the presentation of the factory project, it will be equipped with high-tech, modern equipment, which will ensure the receipt of final products of the highest quality of international standard. In addition, according to the information of the First Vice Prime Minister, the development of the enterprise is fully in line with the highest environmental protection standards. The plant will start operating in March 2025 and plans to process 1,2 million tons of crude oil annually in the first stage.

"Implementation of such projects is an epoch-making event, it is not a random, ordinary project, and enterprises of this scale can be created once in a century. When it comes to the economic progress and economic growth in Georgia, whether new investments are being made in the country and whether new enterprises are being created, one of the topics of speculation was how many new enterprises were created. Of course, we have a record of each enterprise created with the participation of the state, and this information is transparent, available to everyone. However, such enterprises can certainly be in small numbers, because it is the basis for the development of a new industry. We are talking about the oil refining industry, the formation of new competences in our country and finally, after the implementation of various stages, development of the petrochemicals in the country" – Levan Davitashvili said.

The First Vice Prime Minister also emphasized the social importance of the Kulevi Oil Refinery for the region – the enterprise will employ several hundred people already in the first stage. "We should thank the management of the Black Sea Petroleum for such investments. From our side, we will provide the constant support for the enterprise to speed up its success" – Levan Davitashvili added.