Georgia’s oil product exports surge sharply, increasing severalfold

Georgia’s exports of oil and petroleum products rose sharply in January–May 2026, increasing severalfold following the launch of the Black Sea Petroleum oil refinery on the country’s Black Sea coast.

Georgia’s National Statistics (Sakstat) said exports of locally produced petroleum products jumped by 3,712.9% to $352.2 million, making them the largest item in the country’s export structure, excluding re-exports, Caliber.Az reports.

Including re-exports, total exports reached $366.6 million, with a physical volume of 534,300 tonnes.

The main export destinations were Togo ($96.9 million), Türkiye ($64.2 million) and China ($61.9 million).

They were followed by Libya, Algeria, Malta, Morocco, Armenia, Singapore and the UAE.

The sharp increase is linked to the commissioning of the Kulevi refinery in late 2025, which effectively placed Georgia on the map of petroleum product exporters despite its lack of domestic oil production. Previously, monthly exports did not exceed $2 million but rose to $30 million in November–December 2025.

Petroleum products include gasoline, diesel, kerosene, lubricants, bitumen, paraffins and petrochemical feedstocks.

Overall, Georgia’s foreign trade turnover for the first five months amounted to $10.4 billion, up 3.7% year-on-year.

Exports increased by 19.8% to $3.1 billion, while imports fell by 1.9% to $7.3 billion.

The trade deficit remained significant at $4.2 billion, or 40.5% of total turnover.

By Bakhtiyar Abbasov