Businessman Maka Asatiani's company "Black Sea Petroleum" is building an oil refinery in the Kulevi Free Industrial Zone. The new factory should produce fuel of different types in Georgia and sell it on global markets. The investment volume of the first phase of the project is USD 30 million, and the total cost of all phases reaches USD 700 million. The plant's construction permit was issued in August of this year, and the construction of its reservoirs has already begun.
Maka Asatiani, the founder of Black Sea Petroleum, announced that the Kulevi oil refinery project aims to strengthen Georgia’s development and enhance the country’s energy security.
Speaking at the project’s presentation, Asatiani emphasized the importance of cooperation between Georgian and foreign business structures in realizing this significant initiative.
“Our goal was to create a project that would further raise the country’s development to a higher level,” said Asatiani. “We believe the Kulevi plant will contribute to Georgia’s energy security and development. This achievement would not have been possible without the effective work and significant support of the government, as well as the involvement of state and local institutions.”
Asatiani highlighted that the refinery will start exporting products in the spring of 2025, marking a major step forward for the country’s economy.
“This project is an outstanding example of collaboration between Georgian and international business entities. I express my gratitude to our funding organizations, partners, and team members for their dedication and unity in achieving this shared goal,” she added.
"Black Sea Petroleum" was founded in October 2022. Maka Asatian holds 70%-share, while 30%-share is owned by TRADE STONE IBERIA LLC. It should be noted, that businessman Maka Asatiani owns a 70% share in TRADE STONE IBERIA, as well and Sophio Tavartkiladze - a 30% share.
The presentation event, held in Kulevi, was attended by Prime Minister Irakli Kobakhidze and Minister of Economy and Sustainable Development Levan Davitashvili.
