The construction work on the Kulevi oil terminal in Georgia, which belongs to the State Oil Company of Azerbaijan, will be complete by 10 November, Rovnag Abdullayev, the President of SOCAR, said on 31 October.
Acceding to the SOCAR President, the first tanker with Azerbaijani oil will be unloaded from Georgia's new Black Sea terminal in November. He did not name the receiving party. The oil will belong to SOCAR.
SOCAR owns the Kulevi terminal, and this year received a large syndicated line of credit for its construction. The gross amount of the credit line totalled $301mln. The line of credit was established from a consortium of 15 foreign banks headed by Societe Generale. The credit loan is expected to be paid back by 2009.
Presently, the capacity of the terminal equals 9mln tons (2mln tons of crude oil, 3mln tons of diesel fuel and 4mln tons of black oil). The capacity of the reserve tank of the terminal is 320,000 cu m. There are plans to increase the capacity of the terminal up to 20mln tons and the reserve capacity up to 380,000 cu m.
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