 Presentation of the company |
The company Jugopetrol Kotor, was founded on the 12th of April 1947on the base of a Government Resolution, and still successfully operates after 55 years , supplying the Montenegrin and surrounding markets with oil and oil products. The company is independent and is of big importance for the government to carry out such activities as: research, exploration and trade with oil and oil derivatives.
At the beginning, the company had a warehouse capacity of 50 m3, and there were only 4 oil stations and a few trucks in its possession. At that time, in 1947, the consumption of oil products in Montenegro was 5.570 t.
Since then, many things had changed and AD Jugopetrol Kotor became today a joint-stock company with a warehouse capacity
of 120 000m3, 3 oil installations and a chain of 33 petrol stations.
The owner's structure of the Company shows that capital assets of the Company are 664.853 shares with a capital of DEM 132.970.600 .
The capital structure is:
1. Share capital of the Republic of Montenegro is, 36,38%, (DEM 48.368.000) of capital assets .
2. Share capital of employees, (previously employed and employed at present time) is 11.55% of capital assets (DEM 15.358.400.)
-Warehouse capacity and retail chain-
3. Share capital of funds ( Fund for Development of the Republic of Montenegro, Republican fund for Pension and Invalid Insurance and Labor Exchange Office of Montenegro) takes 52.07% of capital (DEM 69.244.200)
Business results: According to the presented business results, which are published by the Belgrade based respected economic magazine "Ekonomist" , in November 2001, Ad Jugopetrol Kotor was on the top of the list of the top 50 companies in Montenegro with the highest profit of DEM 15.620.150.
| Voucher Privatization |
Now, in Montenegro with the mass voucher privatization, an additional 35,44% of the capital assets of funds and the state will become the property of the citizens of Montenegro. That means that Company will have privatized 46,99% of capital assets , and that the rest of cca 53% will be proposed to a strategic investor through an international tender in the year 2002. This will be carried out by the Governmental Privatization Agency of the Republic of Montenegro.
Appreciating the importance of good business and the quality standard system, AD Jugopetrol Kotor has received the ISO 9001certificate, which confirms that the company can always satisfy on a high level the demands of their clients .
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In cooperation with our foreign partners we established several joint venture companies, like: Product Oil d.o.o. with head office in Kotor, StarMonte d.o.o also in Kotor both of these companies are engaged in the research of oil and oil products. Orsmond Maritime LTD with head office in Greece and a branch office in San Benedict(Italy).
| Organisational structure |
There main bodies of the company are: the General Manager, who has the support from the Cabinet in his work .The Managing body is actually the Shareholders Assembley, There are also a Supervisory Board and a Board of Directors for controlling purposes.
There will be a new macro organization, it will be introduced during the year 2002.
Attention:
On page 8 - transport capacities and researching in the oil and gas in Montenegro ;
On page 10- Information system - you can use it all except the last part.
On 10-16p. you have business results in period January-Jun 2001., and tehe new one. You can use also the scheme , graphics itd.
| The Vision |
The main aim of Jugopetrol is to bring up their capacities, to modernize them and to reach the level of Western Europe.
In that part To that respect, in the short future, the biggest investments will be aimed at the modernization of installments, especially in Bar , to increase the warehouse capacity.
At the same time special attention will be devoted to the modernization of gas stations by opening shops and offering a wide range of products to the customers apart from gas and oil products. The aim is to establish a good tank management, with new equipment and to include them into the global Company Information System.
On the long run, the company will focus on the research of oil and gas. The results are very encouraging. Our foreign partners are very close to make the final decision. The first drills are expected to be in the first part of 2002.
The privatization of the company is continuing in coordination with the plans of the Agency for Reconstruction and Foreign Investment of the Government of Montenegro. Knowing the quality of the infrastructure and possibilities of AD Jugopetrol Kotor, we are confident that there will be no problem to find a good strategic partner through International tender.
During many years we pay special attention to the quality of our staff. Most of the staff is bilingual at least and are good specialists.
We invite the foreign partners to take part in the research of oil and a gas in Montenegro, which is the strategic interest of AD Jugopetrol Kotor and the Republic of Montenegro and will bring a lot of benefit to our partners as well. |
