Irakli Kobakhidze, Georgian Prime Minister, announced the Kulevi Oil Refinery Project on the Black Sea Coast. The project has an investment budget of $700 Million. The project is being built by Black Sea Petroleum of Tbilisi, which is the largest investment ever made in Georgia.
The refinery’s first phase budget is $110 and it has the capacity to process up to 1.2 million tonnes per year of crude oil. It aims to process four million tonnes by 2028.
The project, which is a national priority, will create new jobs for 500 local residents, and increase the country’s export potential.
Kobakhidze also referred to the project’s potential to strengthen Georgian security of energy and encourage more competition among youths on the market.
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