Hungary’s MOL, Slovenia’s Petrol and Croatia’s INA have agreed to form an alliance and to propose a 50-50 percent joint venture to Montenegro’s oil company Montenegro Bonus.
Petrol has offered to invest €154.5 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 €130.5 million and MOL €105 million over the same period with the possibility of raising the amount to €139 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 €5,000 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. (petrolplaza.com)