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Greek refiner Hellenic Petroleum has won a 54.35pc stake in Montenegrin oil and gas company Jugopetrol Kotor.
The Greek firm will pay 65mn [euro] ($63.6mn) for the stake, with an added investment commitment of 35mn [euro]. But the Montenegrin government will retain a golden share in the firm, giving it the final say in any major decisions. Hellenic's bid beat competition from Russia's Lukoil, Austrian firm OMV, Croatia's Ina and Slovenia's Petrol. It will boost the firm's efforts to expand its downstream presence in Albania, Romania and the former Yugoslavia. It already operates the 55,000 b/d Okta refinery near Skopje, Macedonia.
Jugopetrol Kotor's assets …