Socar to invest in Montenegro resort
Azerbaijani state oil company Socar will invest 258 million euros ($319 million) in the construction of a resort in Montenegro, the country`s privatization body said.
According to the website of Montenegro`s Council for Privatization and Capital Projects, the 241,695 square meter facility is located in a former military site, 116 kilometers (72 miles) southwest of Montenegro`s capital Podgorica.
An agreement on long-term lease of the site will be signed with Socar for 90 years. The company will pay the rent for the first 45-year period upfront, including a fixed one euro per square meter and a 5 percent of the profits.
Socar is expected to invest 52 million euros into the resort`s development during the first four years of the lease, or 258 million euros in total during the first eight-year period of the lease.
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