Morocco's Growing Trade with Georgia
Recent data released by Georgia's Statistical Service (Geostat) highlights a significant uptick in trade between Morocco and Georgia, indicating that Morocco imported goods valued at over $20.71 million from Georgia during the first quarter of this year. In contrast, Georgia's imports from Morocco during the same period amounted to just over $277,000. This data underscores the strengthening economic ties between the two nations, particularly in the oil sector.
Surge in Oil Exports and Refinery Developments
According to the same reports, Georgia's exports of oil derivatives reached an impressive $208 million during the first quarter, surpassing the exports of raw materials and minerals. Notably, Morocco ranked third among the countries receiving these oil derivatives in March, importing approximately $16.8 million, trailing only China and Turkey, which collectively imported over $46 million worth of these products. This surge in oil derivative exports represents a staggering growth rate of about 698% compared to the first quarter of the previous year. Furthermore, locally manufactured oil derivatives—excluding those that are imported and then re-exported—saw an astronomical increase of around 3,714%, with their value having been less than $5 million the prior year.
The capital of Georgia, Tbilisi, has initiated the production and export of oil derivatives following the establishment of a refinery capable of receiving and processing Russian oil in the Kolevi region. During the first three months of this year, Moscow exported crude oil to Georgia valued at over $118 million, equating to approximately 298,000 tons. David Potsgheria, co-founder and CEO of Black Sea Petroleum, the company responsible for constructing the refinery, confirmed that the facility primarily produces diesel and high-sulfur fuel oil. He also stated plans to expand production to include gasoline and jet fuel, noting that "the EU market is currently closed to Russian oil derivatives, thus the use of alternative raw materials will circumvent this restriction."
As reported by larazon.es.
