State Oil Company of Azerbaijan (SOCAR) has invested over 200 million Euro into construction of a new resort in Montenegro, said President of Montenegro Filip Vuyanovich in his interview to IntelliNews.
“SOCAR has already invested over 200 million Euro into this project and we expect that it will be opened by the end of 2017,” Vuyanovich said.
He added that the new resort worth 500 million Euro will stimulate tourism and the entire economy of the country.
Vuyanovich said that in addition to SOCAR, Azerbaijani companies PASHA Holding, AtaHolding and Synergy Group are involved in funding of the resort construction.
SOCAR won the tender to rent the area of the former military facility for the period of 90 years, which was invited in Montenegro in 2012 and was submitted by Triangle Investments and Development Limited Company.
Azmont Investments LLC Company was established by Azerbaijan to implement the project in Montenegro. The resort is located on the site of the barracks on the shore of the Boko-Kotor gulf in Kumbor town. The new complex will include a network of resorts One& Only for VIP clientele. This will be the first hotel in this network in Europe.
* The audited reports of SOCAR have no information available about SOCAR’s investments into the tourism industry in Montenegro. SOCAR President Rovnag Abdullayev said in the past that SOCAR has offered a competitive price and then passed the project implementation to other Azerbaijani companies.—0--
Economics
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