Oil refining company Black Sea Petroleum (BSP) has issued a statement in response to public interest, outlining its current operations and strategic plans.
According to the statement, during the first half of 2026 the company processed more than 650,000 tonnes of crude feedstock and expanded its strategic partnership with the US technology giant Honeywell.
The statement also notes that, beginning in August–September 2026, the company will start processing exclusively non-Russian-origin crude oil. According to the company, this transition will enable products manufactured by Black Sea Petroleum to access higher-margin markets.
Below is the full statement by oil refining company Black Sea Petroleum:
"In light of the high level of public interest, Black Sea Petroleum continues to keep the public informed about the company's current operations and strategic plans.
Production
During the first half of 2026, Black Sea Petroleum processed more than 650,000 tonnes of crude feedstock.
Strategic Partnership
Following the execution of engineering and licensing agreements, the company expanded its partnership with the international technology leader Honeywell to include the procurement and implementation of advanced processing equipment and automated control systems.
Development Milestones and New Products
Q1 2027: The company will begin producing road bitumen for both the domestic and export markets.
Q2 2027: The refinery will gain the capability to produce aviation fuel.
Feedstock Diversification
Beginning in August–September 2026, the company will start processing non-Russian-origin crude oil. According to the company, this will open the door for Black Sea Petroleum's products to enter higher-margin markets.
Black Sea Petroleum continues to develop its refinery in line with its strategic plan and to make a significant contribution to Georgia's economic development."- reads the statement from BSP.
