Montenegrin oil products distributor Jugopetrol [MNG:JGPK] said on Wednesday it plans to invest 20 million euro ($23.6 million) in the reconstruction and re-branding of all of its filling stations around the country.
Jugopetrol will upgrade the technical equipment of the filling stations to adapt them to the EU regulations, the company's CEO Antonis Semelides said, as quoted in a statement by the group.
Hellenic Petroleum Group (HELPE), Jugopetrol's parent company, plans to transform the Montenegrin group into a modern energy company that operates according to the highest standards, the CEO of HELPE, Grigoris Stergioulis, said in the statement.
Jugopetrol will invest in modernisation and development in most of the energy sectors, will explore all the possibilities for further investment and has the vision to combine all this with new employment creation opportunities," Stergioulis said.
Jugopetrol's net profit rose 15% on the year to 2.6 million euro in the first half of 2017. The company's revenue increased to 58.1 million euro from 46.3 million euro, while operating costs were up 26% to 55.3 million euro, the company said in August.
Jugopetrol has been part of HELPE since 2002. The company is active in the retail and distribution of petroleum products and the wholesale of petroleum products through the operation of a storage facility at the Adriatic port of Bar and filling terminals at the airports of Tivat and Podgorica.
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