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Petrol Bonus JV launched in Montenegro

After winning the tender to establish a joint venture with Montenegro´s state-owned oil firm MontenegroBonus, Slovenian player Petrol has officially launched the venture on the Montenegrin market with its new partner.

The new company will be known as Petrol Bonus. Petrol Bonus will invest around €154 million in the Montenegrin market, and among the top priorities will be entry into the retail market with 20 service stations, construction of a laboratory and a storage depot for oil refined products, and engagement in gasification projects.

Petrol Bonus also expects to become the state´s partner in storing mandatory oil reserves. Petrol is also planning to expand the joint venture´s activities from Montenegro to neighbouring markets such as Serbia, Bosnia and Herzegovina, Albania, Macedonia and Kosovo as part of its regional development strategy.

Petrol said that the joint venture company will be engaged in Montenegro´s energy development, as well as construction and reconstruction of energy facilities and infrastructure, and delivery and sale of competitive oil products in accordance with EU standards.

Marko Kryzanowski, president of the board of Petrol, said: "I believe that our partnership with MontenegroBonus marks the beginning of our excellent co-operation on the market of Montenegro, and that in the following years the joint company Petrol Bonus will become the leading company in its branch of business." (petrolplaza.com)