Tbilisi: Irakli Kobakhidze, the Prime Minister of Georgia inaugurated the new oil refinery project on the Black Sea coast. The project which has a budget of $700 million will be built in the region to fulfil domestic and exports needs.
While opening the project yesterday, the PM called it a big booster for the country’s economy. He revealed that it was a historical moment for the country as this is one of the most significant projects being executed with a private investment of 700 million dollars.
It is worth noting that the project will be completed by Black Sea Petroleum. Black Sea Petroleum is a Tbilisi-based construction company with expertise in the construction sector.
The cost of the initial phase of construction work is estimated at $110 million. PM underlined that after the project’s completion, it will produce high-quality petroleum products. These products will be extracted using cutting-edge technology as per international standards.
The refinery will start working in March. The Kulevi oil refinery will produce 1.2 million tonnes of crude oil annually with the best available technology. However, the capacity of the building will be increased later.
The PM also expressed hopes that the refinery will not only fulfil domestic needs but will also contribute to Georgia’s export sector. At the same time, the refinery will be able to export various types of petroleum products to countries in Europe and beyond.
This will enhance the country’s export capacity manifold, which will result in the country’s economic growth, added the PM. It will also decrease the country’s dependence on imports of petroleum products. The new project will also create huge job opportunities.
At the project’s start, 500 people will be employed. The local residents will also benefit from the jobs. Moreover, the project will play an essential role in securing Georgia’s energy security and independence, along with many other benefits.
In the end, the Prime Minister expressed his gratitude to the Black Sea Petroleum company’s officials and the other professionals who are involved in this.
