The President of Azerbaijan Ilham Aliyev said while visiting Georgia that the Azerbaijan side is considering the expansion of the Kulevi oil terminal along with other projects in Georgia. Aliyev announced this at a joint briefing with Irakli Garibashvili.
"We own the Kulevi Port on the Black Sea coast in Georgia. We can expand this port as well. It will strengthen our cooperation further," said Ilham Aliyev.
Since 2006, company SOCAR has owned the Kulevi oil terminal. Until then, billionaire Badri Patarkatsishvili made the investments for the construction of the terminal, from whom the Azerbaijan side purchased the project.
There are 27 reservoirs in the Kulevi terminal, the total volume of which is 402 thousand cubic meters. The total throughput of these terminals is 10 million tons per year. The terminal was put into operation in 2008, and through it, crude oil and refined oil products are exported to the Western markets. It is not known how much was the terminal's income in 2022. However, in 2021, the Kulevi terminal generated GEL 64 million of revenue, while the net profit stood at GEL 19 million. The assets of the terminal amounted to GEL 159 million.
Other details on the expansion, as well as how much the Azerbaijan State Oil Company plans to invest in the Kulevi Terminal still remain unknown.
