Assa-Irada,
16, May 2008

Azerbaijan's Kulevi oil terminal to facilitate transit of Caspian crude was inagurated in southern Georgia on Thursday.

The opening of the biggest such facility in the South Caucasus region was attended by Azerbaijani Prime Minister Artur Rasizada and President of the state oil company SOCAR Rovnag Abdullayev, Georgia's President Mikheil Saakashvili and Prime Minister Lado Gurgenidze.

The SOCAR boss told the ceremony that the terminal, valued at a total of $350 million, will have the capacity to receive 10 million tons of oil and oil products a year in the initial stage. The volume will be increased to 15-20 million tons within the next two years.

Abdullayev said the facility will allow to simultaneously unload 168 railway carrieges. According to estimates, tankers with the capacity ranging between 100,000 to 150,000 tons of oil will dock at the port.

The Georgian premier said the launch of the terminal will allow to provide 2,000 citizens of the country with permanent jobs. He emphasized that SOCAR has already invested $380 million in Georgia's economy.

Construction of the Kulevi terminal started in spring 2000 but was suspended in 2003 over financial constraints. In 2006, SOCAR purchased the facility and construction operations resumed.