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SOCAR and Montenegro sign agreement on long-term lease of tourism resort

13 July 2012 10:36 (UTC +04:00)

The document was signed in Podgoritsa city by Gafar Gurbanov (SOCAR) and and on the Montenegrin side - the Minister of Sustainable Development and Tourism Predrag Sekulic.

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.

President Rovnag Abdullayev told reporters in Baku that the participation of SOCAR in the tender for the tourism project in Montenegro is not part of the company’s plans and has a goal of supporting tourist companies of the country.

Abdullayev said that SOCAR was not going to invest in this project and it has no such plans. â€˜The goal - to provide organizational and legal support to tourism companies in Azerbaijan. Project management will deal with travel companies in Azerbaijan. SOCAR has no plans to engage in hotel businessâ€™.