Saakashvili: Construction of Oil Refinery Planned

President Saakashvili said on February 9 that construction of a new oil refinery is planned on Georgia?s Black Sea coast in Samegrelo region.

?In the coming months and years, along with other infrastructure projects, we are launching the construction of a new large oil refinery,? Saakashvili said. He did not elaborate further on the issue.

Georgia has an oil terminal on the Black Sea coast at Supsa, a village located in the Samegrelo region. Another oil terminal, the construction of which is almost finished, is located in Kulevi, also in the Samegrelo region. Georgia also has an oil terminal and refinery in Batumi, Adjara Autonomous Republic.

President Saakashvili was speaking in Zugdidi, Samegrelo region, where he opened a new hazelnut processing factory owned by Argonuts Ltd.  The European Bank of Reconstruction and Development (EBRD) supported the company with a financing package worth USD 4 million, consisting of a loan and the acquisition of a 15% equity stake in the company.

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