CETINJE (Montenegro), July 23 (SeeNews) - Montenegrin state-owned oil firm Montenegro Bonus said on Monday it will sign an agreement on Tuesday to set up a joint oil and gas storage venture with Slovenian fuel retailer Petrol.
The joint venture, Petrol Bonus, will build and operate oil and gas storage facilities in Montenegro. In April Petrol made the highest offer of 154.55 million euro ($213.6 million) in a tender for setting up a 50/50 joint venture company with Montenegro Bonus.
"The investment is for five years," Vesna Lagator, head of the Montenegro Bonus corporate operations department, told SeeNews. "The projects include building oil storage facilities with a minimum capacity of 20,000 cubic metres, liquid gas storage with a minimum capacity of 8,000 cubic metres and at least 20 filling stations in Montenegro."
Montenegro Bonus operates the state-owned oil and gas depots in the country of 620,000 people and is active in oil and gas trading. It also has storage facilities for other fuels, grains and pharmaceuticals and has its headquarters in the southern city of Cetinje.
Petrol operated 364 filling stations as of the end of March, of which 305 were in Slovenia, 36 in Bosnia and Herzegovina, 21 in Croatia and two in Serbia.
Shares in blue chip Petrol lost 0.24% to an average price of 910.20 euro on the Ljubljana Stock exchange on Monday.
($ = 0.7342 euro)
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