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Monday, May 27, 2024
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Montenegro Bonus oil company: Progressing investment initiatives amid property dispute

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The company has appealed to the Ministry of Energy and the Protector of State Interests to seek compensation for damages incurred. They are gearing up to inaugurate their own liquefied petroleum gas bottling plant, marking their maiden investment venture. Montenegro’s state oil company, “Montenegro Bonus,” concluded the previous year with a modest profit of less than 200 thousand euros. However, they are yet to assume control of oil derivative warehouses from the private entity “Jugopetrol.” Consequently, the protector of state property and legal interests is involved in resolving this property issue. Within a month and a half, the company plans to inaugurate its own liquid petroleum gas (LPG) filling stations, marking its inaugural investment endeavor.

Miljan Ivanović, the executive director of Montenegro Bonus, shared these insights in an interview with “Vijesti.” He highlighted that discussions with the protectorate and the Ministry of Energy were underway to address the compensation due to the inability to utilize the disputed property. Despite these challenges, Montenegro Bonus achieved a positive net result in 2023, demonstrating its commitment to fulfilling obligations to employees and enhancing financial stability.

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The company managed to stabilize its operations last year by expanding its network of clients and suppliers, thus mitigating market risks. However, this feat followed the energy sector‘s global crisis in 2022, triggered by events in Ukraine and fluctuating oil prices. Montenegro Bonus’s legal victory against Jugopetrol in 2016 marked a significant milestone in securing its operational future.

Ivanović emphasized the company’s intention to actively engage domestic and foreign partners once legal disputes are resolved, paving the way for potential investment opportunities. Montenegro Bonus aims to expand its market share by launching its LPG bottling plant, thereby enhancing its product range and market presence.

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Looking ahead, the company is poised to contribute to the state’s oil reserve formation efforts and plans to procure tankers for internal transportation needs. Additionally, as Montenegro’s nominated natural gas transmission operator, Montenegro Bonus is collaborating with the government to develop the Ionian-Adriatic gas pipeline.

In summary, Montenegro Bonus remains steadfast in its commitment to overcoming challenges, pursuing investment ventures, and contributing to the nation’s energy infrastructure development.

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