Montenegro signs leasehold agreement with SOCAR.

By bne IntelliNews July 12, 2012
Montenegro has signed the 90-year leasehold agreement with State Oil Company of Azerbaijan Republic (SOCAR) for the former military barracks Orijen Battalion in Kumbor, the government announced. Under the deal, SOCAR is obliged to invest EUR 52mn into development of a tourism resort during the first four years of the lease and EUR 258mn during the first 8 years of the lease. The company will pay a rent that consists of two parts - a fixed rent of EUR 1 per square meter and a variable rent of 5% of the profit. The rented land is 240,000 square metres. The lessee will establish a local company in Montenegro, which will take all rights and obligations under the lease contract.

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