Renewables

Oil company Jugopetrol eyeing electricity generation from renewable energy sources in Montenegro

Photo: Pixabay

Published

January 19, 2018

Country

Comments

0

Share

Published:

January 19, 2018

Country:

Comments:

0

Share

Montenegro-based oil company Jugopetrol will try to expand its energy portfolio and to assess the potential of Montenegro in the production of electricity from renewable energy sources, which is its area of interest for investment, said Antonis Semelides, executive director at Jugopetrol.

’Jugopetrol, owned by Greece’s Hellenic Petroleum, has already announced plans to transform from an oil and gas company into an energy company.

In an interview for the daily newspaper Dnevne novine, Semelides said that Jugopetrol wants to diversify its portfolio in Montenegro’s energy sector and to gain a strong foothold in it.

He recalled that for years now Hellenic Petroleum in Greece has not limited its activities to oil refining and fuel sale and distribution, but invests in the entire energy sector.

Accordingly, the company is involved in the distribution of natural gas via pipelines connecting the Southeast European region, in the LNG storage business, and in the electricity generation from natural gas and renewable energy sources, such as wind farms and solar panels.

“We believe that Montenegro has a considerable potential for growth in the energy sector, especially when it comes to electricity generation from renewables. Our plan for this year is to be active and to assess this potential, possibly through cooperation with other local companies,” Semelides said.

Semelides noted that although the Montenegrin market is narrow, it does not allow for sitting idly by.

“This year our primary focus will be the successful implementation of the gas stations’ rebranding project and the modernization of the oil terminal in Bar to improve environmental protection and security,” he said.

Jugopetrol has a retail network of 40 petrol stations, 3 yachting service stations in Kotor, Budva and Herceg Novi, an oil storage facility with a total capacity of 128,000 cubic meters in Bar and two aviation fuel terminals in Podgorica and Tivat.

In 2006 Hellenic Petroleum founded Hellenic Petroleum Renewable Energy Sources, a subsidiary investing in wind farms, solar, hydro and biomass plants in Greece.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment

Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

IEL OIE Balkan Renewable Energy Akuo Basaid geothermal

IEL OIE Balkan Renewable Energy, Akuo to start construction of Bašaid wind farm in 2021

24 November 2020 - Start of the construction of the 85 MW Bašaid wind farm near Kikinda and a geothermal plant is planned for next year.

energy community annual report 2020

Energy reforms move ahead despite COVID-19 – Energy Community annual report

23 November 2020 - The Annual Implementation Report reveals that the average implementation score of the contracting parties increased from 48% to 53%.

solar thermal pancevo hot water

Balkans’ largest solar thermal system for sanitary hot water is located in Pančevo

20 November 2020 - The project demonstrates that the use of solar energy for heating water is cheaper than using fossil fuels.s

spitalles solar pv park auction albania

Albania launches auction for 100 MW solar PV park in Spitalle

20 November 2020 - Albania began the procedure for an auction for the third big solar power plant.