Concession agreement for hydrocarbons exploitation signed – Montenegro, 14 September 2016

Montenegrin Minister of Economy Vladimir Kavaric and the representatives of the Italian-Russian consortium Eni-Novatek have signed a concession agreement for offshore exploitation of hydrocarbons in the Adriatic Sea, which marks the start of exploration activities on the Montenegrin coast.
Montenegrin Prime Minister Milo Djukanovic also attended the signing and stressed the importance of this concession for Montenegro, adding that using Norwegian model, the state will establish a fund for oil and gas, through which funds will be allocated to the state budget. He also thanked the Italian and Russian partners in this project, who will invest significant funds but also take all the risks.

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