International Consortium To Invest 8.3 Bln Euro in Tourist Centre in Montenegro - Media

The 200 hectares complex in the Adriatic resort of Ulcinj will feature apartments, restaurants and yacht berths, Russian daily Kommersant reported.

Construction works will begin in 2010 and should be completed by 2020, it added.

SeeNews attempts to contact Trigranit officials failed.

In 2005 Deripaska, through his company Basic Element, bought 65.4% of Montenegrin aluminum plant Kombinat Aluminijuma Podgorica (KAP) for 48.5 million euro in cash and pledged to invest another 55 million euro in modernising the smelter. Basic Element also owns Montenegro’s bauxite mining company Rudnici Boksita, which is the main supplier of bauxite for KAP.

The Adriatic country of 620,000 people is highly dependent on tourism, which generated over 20% of its gross domestic product last year. The tourism ministry expects tourism revenue to rise to 1.968 billion euro in 2017, generating 27.1% of GDP. It expects a 15% increase in revenue to 550 million euro this year on the back of more diverse services.

($ = 0.6766 euro)