Black Sea Petroleum (BSP), owner of Georgia's Kulevi oil refinery, says the plant has stopped processing Russian crude and now runs on Libyan oil. It has asked the European Commission to take it off the EU sanctions list, the company said in written answers to questions.
Kulevi refinery is on the EU's sanctions list – in Part D of Annex XLVII to Council Regulation (EU) No 833/2014 – and BSP says it has given the Commission documents showing it has switched to non-Russian crude. BSP adds that it completed the switch on August 23, after a transition period in July and August when Kazakh and Russian crude were processed together. It says its products currently go to traders serving Africa and Asia and not to the EU, but that the European market is its priority. The company adds that it is planning road bitumen production from the first quarter of 2027 and aviation fuel production from the second quarter.
Its answers to questions sent by IntelliNews follow.
1. What crude is the refinery currently processing, and from which countries and loading ports?
The Kulevi Oil Refinery, owned by Black Sea Petroleum (BSP), processes exclusively non-Russian crude oil. Its current feedstock is Libyan crude, loaded at Es Sider and Zawia.
2. When did the refinery receive and process its last cargo of Russian-origin crude?
The Kulevi Oil Refinery completed its full switch to non-Russian crude oil on 23 August 2026.
3. Has the first Libyan cargo arrived? If so, when, and how much was delivered?
Yes. The first shipment of Libyan crude arrived at the Port of Kulevi on 30 August 2026 aboard KRITI LEGEND, carrying up to 90,000 tonnes.
A second shipment, carrying up to 90,000 tonnes of Libyan El Sharara crude, arrived on 25 September 2026 aboard M/T FRANKOPAN.
A third shipment is expected in late October 2026.
4. How does Black Sea Petroleum verify the origin of the crude it receives?
BSP verifies crude origin using supply contracts, certificates of origin, and shipping and customs documentation. Discharge records and independent survey reports provide further supporting evidence of the shipment and receipt of the crude.
5. Is the company in ongoing contact with the European Commission, and does it expect to be removed from the sanctions list once the transition is complete?
BSP remains in contact with the European Commission and has submitted documentation on the refinery's completed transition to non-Russian crude.
The company believes that its current operations and the evidence provided support the refinery's removal from Part D of Annex XLVII to Council Regulation (EU) No 833/2014.
BSP is also establishing a permanent EU Affairs office in Brussels to maintain regular contact with the European Commission and other EU institutions.
6. Where are the refinery's products currently being exported?
BSP sells its petroleum products to international traders on a free on board (FOB) basis at Kulevi, Georgia. These traders arrange onward shipments, primarily to markets in Africa and Asia. The company does not currently export petroleum products to the EU, however after a 60 day period is up after 23rd of August (date of the full switch to exclusively non-Russian origin feedstock), the full range of BSP's products (Naphta, Gasoil and FuelOil) will be suitable and compliant to be imported by EU markets, in which a lot of interest is shown from international traders recently.
Therefore, BSP intends to supply EU markets through international traders with products made exclusively from non-Russian crude oil, subject to all applicable EU requirements.
7. Russian crude was typically available at a significant discount. How has switching to Libyan crude changed the refinery's costs and margins, and is the business commercially viable selling only to Africa and Asia, or does it depend on regaining access to EU markets?
BSP's operations are commercially viable in the markets we currently serve. The EU remains our strategic priority, and our long-term ambition is to contribute to a more diversified and secure European energy supply.
We remain in regular dialogue with the European Commission. Our Brussels office, opened on 15 October 2026, provides a base for closer institutional cooperation and lasting partnerships.
8. Who are the ultimate beneficial owners of Black Sea Petroleum, and has the ownership, management or financing of the company changed since the EU listing? Who are the counterparties on the Libyan supply contracts, and which traders are buying the products?
BSP (Black Sea Petroleum LLC) is a privately owned company based in Georgia and its founder UBOs [ultimate beneficial owners] are serial entrepreneurs Mr. David Potskhveria and Ms. Maka Asatiani, both Georgian nationals. BSP owns and operates Kulevi oil refinery.
Our focus is the long-term development of the Kulevi oil refinery. We process exclusively non-Russian crude oil and work with international trading partners in both crude procurement and product sales.
Our priorities are to diversify supply, expand refining capacity and broaden our product range, strengthening the refinery's contribution to energy security in Georgia and the wider region.