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46

Georgian harbors as a new Caspian oil transit way

Georgia plans to build another Black Sea port to boost transit fees from cargo shipments such as crude oil from the Caspian Sea region.

 

Georgia plans to build another Black Sea port to boost transit fees from cargo shipments such as crude oil from the Caspian Sea region. The Supsa port will cost “ half a billion dollars” and take less than two years to build once the government gives the final okay, said Shalva Tsakadze, head of Black Sea Product Ltd., the developer of the project.

 

Georgia’ s five-day war with neighboring Russia in August 2008 helped push the country’ s $12.8 billion economy into recession and prompted the government to seek new sources of revenue. Georgia, which also borders Armenia, Azerbaijan and Turkey, won pledges of $4.55 in international aid in the wake of the war, including $1 billion from the U.S.

 

“ A group of European investors are flying to Tbilisi tomorrow to finalize the agreement,” Tsakadze said in an interview in the capital Tbilisi today, declining to elaborate until the accord is signed. 

Source : Bloomberg