Georgia’s Prime Minister Irakli Kobakhidze has stated that the government is fully transparent regarding the possible EU sanctions on the Kulevi port and is ready to provide the European Union with complete information about the terminal’s operations. He emphasized that Georgia strictly complies with international sanctions.
“Georgia strictly adheres to all rules related to the sanctions regime. Regarding specific issues, we are ready for discussion and to share information, including with the European Union. Kulevi is a port of strategic importance for us. We will provide full transparency and supply information to the EU, and we fully comply with the sanctions regime,” Kobakhidze told journalists.
On February 9, Radio Free Europe/Radio Liberty reported that the EU is considering, as part of its 20th sanctions package, restrictions on supplying oil to Russia through four terminals in “third countries,” including the Kulevi terminal. At the end of 2025, shipments of crude oil from Russia to the Kulevi oil terminal began, with the oil then transferred to the newly constructed Kulevi refinery, operated by the Georgian company Black Sea Petroleum using Russian crude.
Construction of the refinery in Kulevi’s Free Economic Zone began at the end of 2024. Once complete, it will operate as a full-cycle refinery producing Euro5 gasoline and diesel. Its first phase will have a capacity of 1.2 million tons of crude oil annually, with future capacity planned to reach 4 million tons. The project’s total budget is $600 million, initially financed with a $50 million syndicated loan involving Bank of Georgia, Halyk Bank, BasisBank, and the Georgia Development Fund. Black Sea Petroleum was founded in 2022, with 70% ownership by businessman Maka Asatiani and 30% by TRADE STONE IBERIA, in which Asatiani holds 70% and Sofio Tavartkiladze - 30%.
