May 13 (SeeNews) - Montenegro's majority state-owned Luka Bar [MNG:LUBA] plans to invest 61.1 million euro ($68.6 million) in the operation of Bar port until 2037, it said.
The investment is defined in an annex to Luka Bar's agreement for the operation of part of the port's assets signed with Montenegro's port authority, the company said in a statement last week.
The project envisages significant investments in port infrastructure, upgrade of the environmental protection, security and information and communication technologies (ICT) systems, Luka Bar said.
Luka Bar operates facilities used for the handling of minerals, petroleum products and liquid bulk cargo as well as for the transhipment and storage of cereals at Bar port. The company also provides ro-ro services and operates temperature-controlled storage units.
The Montenegrin government directly controls a 54.1% stake in the capital of the company.
Port of Adria, a subsidiary of Turkey-based Global Ports Holding (GPH), has been operating the container and general cargo terminal of Bar port since November 2013 when it bought a 62% stake in the capital of Montenegrin company Kontejnerski terminali i generalni tereti (KTGT) from the government.
($ = 0.890699 euro)