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SOCAR Invests Over 200 Million Euros in Montenegrin Resort

SOCAR Invests Over 200 Million Euros in Montenegrin Resort

Azerbaijan’s state oil company SOCAR, which makes huge investments both in the country and abroad is building a modern resort in the Adriatic coast, Montenegro.

Montenegrin President Filip Vujanovic told BNE IntelliNews that SOCAR has invested more than 200 million euros in the construction of the resort so far. The project stipulates construction of the resort in the Boca Bay area, which is one of the nicest places on Montenegro’s coast, according to the president. The 500 million euro resort, which is located on the area used to be a military base during Soviet times, is expected to boost Montenegro’s tourism sector and overall economy. The project is expected to be completed by the end of 2017.

The complex will include a network of resort “One & Only” branded hotel as well as luxury apartments, villas and a harbour for super-yachts, known for its orientation towards affluent customers. 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. Cooperation between Azerbaijan and Montenegro started to develop faster recently. About 4,200 tourists from Azerbaijan visited Montenegro in 2014, while in 2013 their number reached only 1,500.

Azerbaijan and Montenegro are keen on developing their ties by clinching new agreements on bilateral cooperation. The resort project in Montenegro is the largest Azerbaijani investment project in tourism outside the country. SOCAR annually invests billions of dollars in transport infrastructure and is involved in key projects designed to increase Europe’s energy security.

It owns gas stations in Azerbaijan, Switzerland, Georgia and Ukraine. It has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Britain, Iran, Germany and Ukraine and trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.