Oil refining company Black Sea Petroleum (BSP) has announced that it will transition to processing exclusively non-Russian-origin crude oil beginning in August–September 2026, according to a statement outlining the company's current operations and strategic development plans.
According to the company, the diversification of crude feedstock will enable products manufactured by Black Sea Petroleum to access higher-margin markets.
The company also announced that it processed more than 650,000 tonnes of crude feedstock during the first half of 2026. During the same period, Black Sea Petroleum expanded its cooperation with the international technology company Honeywell. In addition to engineering and licensing agreements, the partnership now includes the procurement and implementation of advanced processing equipment and automated control systems.
The statement also notes that the company continues to implement its strategic development plan. As part of this strategy, Black Sea Petroleum plans to begin producing road bitumen in the first quarter of 2027 and gain the capability to produce aviation fuel in the second quarter of 2027.
Below is the full statement issued by 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 exclusively 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."
Black Sea Petroleum's oil refinery project is being implemented in Kulevi. According to the company, the project's total investment amounts to USD 600 million, with the first phase representing an investment of more than USD 150 million. The first phase included the construction of a refinery with an annual processing capacity of 1.2 million tonnes, producing naphtha, fuel oil, and semi-finished products used in diesel production. Following completion of the second phase, the refinery will be capable of producing Euro 5 standard gasoline, aviation fuel, and Euro diesel, while increasing its annual processing capacity to 4.5 million tonnes.
