Hungary’s MOL, Slovenia’s Petrol and Croatia’s INA have bid to form a 50-50 percent joint venture with Montenegro’s oil company Montenegro Bonus, local Vijesti daily reported yesterday.
Petrol has offered to invest EUR154.5 million over the next six years in the new firm which will sell and store oil products as well as build petrol stations and gas pipelines.
INA has offered EUR130.5 million and MOL EUR105 million over the same period with the possibility of raising the amount to EUR139 million.
State-owned Montenegro Bonus was founded in 2003 after the sale of the coastal republic’s oil company Kotor Jugopetrol to Greece’s Hellenic Petroleum.
The winner in the tender will form a joint venture with Montenegro Bonus, which will only bring in EUR5,000 in founding capital.
“We will return our obligations toward the investor after a grace period which is to be determined later and will be a certain percentage of our profit margin,” Bonus director Branko Kascelan said.
(Reuters)