Black Sea Petroleum LLC (BSP) confirms that implementation of its crude oil supply diversification plan is under way.
On 1 July 2026, BSP announced that it would begin refining crude oil of entirely non-Russian origin in August–September 2026. The Kulevi Oil Refinery began processing Kazakh-origin crude oil at the beginning of July, and processing of the remaining volume will continue in August.
Under a crude oil supply agreement signed on 3 July 2026 with an international trading company, a cargo of Libyan-origin crude oil is expected to arrive at Kulevi between 20 and 30 August 2026. The agreement runs through the end of 2027 and includes an extension option.
At a press briefing on 24 July 2026, the European Commission stated that BSP was in active communication with the Commission and explained that the six-month transition period was intended to allow the refinery to diversify away from Russian crude oil. The steps already taken by BSP are consistent with that objective and timeframe.
BSP will continue to implement its feedstock diversification plan, engage constructively with the European Commission and other relevant authorities, and provide clear, verifiable evidence of progress.
The Company remains committed to operating in accordance with all applicable laws and regulatory requirements, strengthening its internal governance and controls, and contributing to Georgia’s economic development and energy security.
Taken together, these measures are designed to ensure a smooth transition to entirely non-Russian feedstock while maintaining continuity and stability in the refinery’s operations.
