Construction work on the Kulevi oil terminal in Georgia, which belongs to the State Oil Company of Azerbaijan (SOCAR), is progressing towards completion.
The first tanker with Azerbaijani oil belonging to SOCAR is set to be unloaded from Georgia's new Black Sea terminal in November.
The Kulevi terminal received a large syndicated line of credit for its construction this year. The gross credit line amounted to $301 million (204 million). The credit line was established from a consortium of 15 foreign banks headed by Société Générale. The credit loan is expected to be paid back by 2009.
The capacity of the terminal is 9 million tonnes (2 million tonnes of crude oil, 3 million tonnes of diesel fuel and 4 million tonnes of black oil). The capacity of the reserve tank of the terminal is 320,000 cbm. There are plans to increase the capacity of the terminal up to 20 million tonnes and the reserve capacity up to 380,000 cbm.