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SOCAR rents resort in Montenegro

06 July 2012 11:23 (UTC +04:00)

Baku. Victoria Dementyeva â€“ APA-Economics. The Government of Montenegro will sign Agreement on long-term lease (90 years) of Orijen Battalion barracks in Kumbor with the State Oil Company of Azerbaijan (SOCAR).

Under the agreement, the Azerbaijani company is obliged to invest at least 52 million euros for development of the resort during the first 4 years of rent and 258 million euros in the first 8 years from inception of the lease. Fixed rents will be paid in advance for 45 years lease.

Rents will consist of a fixed rent in the amount of 1 euro per square meter of terrain and variable rents of 5% of the profits.

The final investment plan for the development of the resort will be adopted after the adoption of the document on the study area.