Montenegro starts talks with Azerbaijan's SOCAR on tourism project investment.

By bne IntelliNews May 23, 2012
Montenegro has started talks with State Oil Company of Azerbaijan Republic (SOCAR) to award it an agreement for a long-term lease of former military assets at the Adriatic town of Kumbor, which will be developed into a tourism location, the tourism ministry said in an emailed statement. SOCAR was ranked first in the tender for the Kumbor location, pledging to make a minimum investment of EUR 57.6mn in the first three years of the project development, the statement said. SOCAR plan to build a high-scale tourism complex at the attractive location of the former barracks, which covers 304,500 square metres. The lease-period is 90 years. Kumbor lies on the scenic bay of Kotor.

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