The European Union (EU) is ready to build a liquefied natural gas (LNG) terminal in the Adriatic port of Bar in partnership with Montenegro, European Enlargement Commissioner Olivér Várhelyi announced at a meeting of the Berlin Process initiative, held in the Albanian capital Tirana.
According to a statement from the office of Montenegrin Prime Minister Dritan Abazović, who attended the meeting in his capacity as coordinator of the Ministry of Foreign Affairs, Várhelyi said that the construction of a gas terminal in Bar would be of great importance for Montenegro and the region.
Várhelyi: Montenegro would become a regional hub for liquefied natural gas
The construction of a gas terminal in Bar would be of great importance for Montenegro and the region in light of the energy crisis caused by Russia’s aggression against Ukraine, Várhelyi said, adding that the terminal would make Montenegro a hub for other countries in the region when it comes to LNG.
Prime Minister Abazović said that project is of historical significance for Montenegro, adding that it demonstrates that the country is seeking to diversify its economy.
Abazović recalled that the Montenegrin government had previously signed a memorandum of understanding with US investors regarding the proposed LNG terminal in Bar.
A memorandum on the project has already been signed
The document, according to the statement, shows that the signatories are determined to start discussions and take action in order to implement two energy infrastructure projects.
The first is the construction and installation of a fixed terminal for the import of LNG in Montenegro, as well as its storage, regasification and transportation.
The second project is a greenfield investment in the installation of a gas-fired power plant, which would be supplied with fuel from the future LNG terminal.
He also said that EU partners are interested and willing to finance such a project from European funds.