Business News

Petrol to Develop Own Network in Montenegro

Ljubljana, 09 August (STA) - Energy company Petrol has consolidated its ownership of Petrol Bonus, a Montenegrin joint venture it established in 2007 with oil company Montenegro Bonus, Petrol said in a press release on Tuesday. Petrol is planning to set up a network of 12 to 14 petrol stations across the country, investing between EUR 25m and EUR 30m.

The companies signed a contract on Monday, whereby Petrol took over Montenegro Bonus's 50% stake in Petrol Bonus.

With the move, Petrol will work on developing its own oil derivatives retail network and supply fuel and liquefied petroleum gas to retail customers and certain large buyers.

Petrol and Montenegro Bonus, which focuses on storage and wholesale of oil derivatives, however still see a number of opportunities for future cooperation in purchase, logistics and supply, according to the press release.

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