Socar Says It Won't Invest in Montenegro Tourism Project

State Oil Co. of Azerbaijan, or Socar, denied a report that it’s going to invest in a tourism project in Montenegro.

“Socar has no plans to enter the hotel business,” company President Rovnaq Abdullayev told reporters in the Azeri capital Baku today.

Montenegro’s Council for Privatization and Capital Projects said in an e-mail on July 5 that Socar was chosen to turn a former military site in the Balkan country into a holiday resort for 258 million euros ($317 million).

Abdullayev said Azerbaijan’s tourism companies will carry out the project and Socar will only provide them with “organizational and legal” help.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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