Development Fund of Georgia will invest USD 5 million in the project of the first full-scale oil refinery plant in Kulevi, the fund itself publishes information about this.
The Prime Minister inspected the construction works of the factory a few days ago, Irakli Kobakhidze said that the project will add new potential to Georgia's exporting opportunities.
The factory project is implemented by "Black Sea Petroleum", which is a company founded by businessman Maka Asatiani. According to her, in spring, 2025, the factory will start exporting the first products.
The investment volume of the first phase of the factory is USD 110 million and it is financed by a syndicated (joint) loan of Georgian commercial banks, "Development Fund of Georgia's" share in this financing in the amount of USD 5 million. As a result of the investment made in the first stage, the enterprise will process 1.2 million tons of crude oil during the year. The factory will be equipped with high-tech equipment, which will make it possible to obtain international standard final products.
The total investment volume of the project is USD 700 million/ By 2026, it is planned that plant's annual performance will be 2.8 million tons of oil per year.
