The Slovenian oil company Petrol has reached agreement with the Montenegrin government on the consensual cancellation of a contract under which the Slovenian company should invest EUR 155 million in Montenegro, the Slovenian media reported on Wednesday.
In 2007, Petrol and the Montenegrin government set up the company "Petrol Bonus" with Podgorica being a minority stock holder and the Slovenians undertaking to invest 155 million euros in that southeastern European country in the following five years.
The contract was terminated consensually after it was concluded that its goals were not realistic due to the ongoing economic crisis, the Ljubljana-based "Delo" daily reported.
The contract provided for the construction of a gas supply network in Montenegro and of petroleum products storage facilities in the Adriatic port of Bar.
Petrol's managing board chairman, Tomaz Berlocnik, was quoted by the daily as saying that the company would continue opening its filling stations in Montenegro. There are plans to have 12 to 14 service stations and this will require investments of 25-30 million euros, according to Delo.
