ECONOMY

Three firms seek petro-alliance in Montenegro

PODGORICA (Reuters) – 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 -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.