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Montenegro Bonus will be Montenegrin representative in the establishment of the regional company Ionian-Adriatic Gas Pipeline

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Montenegro Bonus was appointed as the Montenegrin representative in the establishment of the regional company Ionian-Adriatic Gas Pipeline, which will be in charge of managing Ionian-Adriatic Gas Pipeline (IAP) construction project through four countries of the region, it was confirmed at yesterday’s Government session.

As announced, at this stage of the project it is necessary to determine the possibilities for the continuation of the establishment of the Ionian-Adriatic pipeline project company, in the form of a limited liability company. The company would be founded by state-owned enterprises of the countries participating in the IAP project: Plinacro from Croatia, Albgaz from Albania, Montenegro Bonus from Montenegro, BH Gas from Bosnia and Herzegovina, with an equal share in the company, and headquarters in Split.

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The Ionian-Adriatic gas pipeline is an integral part of the Trans-Adriatic gas pipeline (TAP). The implementation of the entire project enables the opening of a new energy corridor for the region of Southeast Europe within the Southern Gas Corridor, with the aim of establishing a new direction of natural gas supply from the Middle East and the Caspian region.

– The IAP project is planned to connect the Albanian city of Fiera and the Croatian city of Split with a gas pipeline, passing through the territory of Montenegro. The pipeline is planned as a two-shift, with a total length of about 511 km, where the section through Montenegro is about 96 km long, of which about 37 km of the pipeline would be laid under the sea – it was clarified.

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The total capacity of 5 billion m3 per year should enable the supply of natural gas to Albania (1 billion m3), Montenegro (0.5 billion m3), southern Bosnia and Herzegovina (1 billion m3) and Croatia and further to Central Europe (2.5 billion m3).

As stated in the document, Montenegro’s decision on participation in the mentioned company is expected, while the other three participants have agreed on everything and are ready to sign the contract. At the same time, each member of the project reserves the right to independently perform the work of preparation, construction and management of the gas pipeline related to the section in the territory of its country.

– The founding capital of the company amounts to EUR 80,000 and consists of four business shares. Montenegro Bonus, like other members, takes over a business share with a nominal value of EUR 20,000, which represents 25% of the company’s founding capital – concludes the Government.

Let us remind you that the first agreements on the construction of the Ionian-Adriatic gas pipeline were signed in 2013, and the investment value of around EUR 600 million and the role that this project should play make it one of the most important interstate energy projects in this part of Europe.

As previously stated by the Ministry of Capital Investments, estimates are that the construction of a gas pipeline through Montenegro would cost around EUR 207 million. Given that it is a question of significant funds, the department said that they are considering offering the gasification project in the form of a concession.

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