The State Oil Company of the Azerbaijani Republic (SOCAR) and the Ministry for Sustainable Development of Montenegro signed a deal on July 11. Minister Predrag Sekulic said that SOCAR will pay 12 million euro to rent an old military base for 45 years, 1news.az reports.
Leasing payments will last 90 years. SOCAR will also pay 5% of profit from the facility.
The base in Kumbora covers 240,000 square meters of land. It was a military facility of Yugoslavia.
Azerbaijani Ambassador Eldar Gasanov said that the deal will bring investments in Montenegro’s economy. SOCAR head Rovnag Abdullayev said in Baku on July 11 that there were no plans for hotel business.
SOCAR will only provide support for Azerbaijani tourism companies working there.
