Montenegro is interested in attracting Azerbaijani investment into the country’s energy sector, Admir Šahmanović, Montenegro’s Minister of Energy and Mining, has stated.
He said investments from Azerbaijan are very attractive to Montenegro, Caliber.Az reports, citing local media.
“We would like to see Azerbaijani investors represented more broadly in our country,” he noted.
The minister stressed that the energy ministries of the two countries have prepared a memorandum of understanding.
“I would be happy to sign it with my Azerbaijani counterpart,” he emphasised.
According to Šahmanović, Montenegro is also interested in receiving natural gas from Azerbaijan and is discussing the creation of the necessary infrastructure with countries in the region.
“I think Azerbaijan's role in ensuring energy stability in the Balkans and in Europe as a whole is very significant. Gas is very important for both the Balkans and the European Union in terms of base energy supply. Overall, I believe there is great potential for the development of cooperation; we just need to carry out construction and infrastructure development work as soon as possible,” he added.
Šahmanović also said energy demand in Montenegro is increasing every year.
“We are currently developing data centers and artificial intelligence technologies. This demand will continue to grow, and we must be ready for such rapid development,” he explained.
At the same time, the minister stressed that Montenegro is actively pursuing renewable energy projects.
“We are developing solar and wind parks, while also working in parallel on hydroelectric power plants. In addition, we are implementing a very ambitious project related to the construction of a liquefied natural gas (LNG) terminal and a 500-megawatt gas station. These are our main priorities for the upcoming period. At the same time, we are developing all these projects in conjunction with each other through investments in energy storage systems (batteries) and transmission networks,” he added.
Šahmanović said Montenegro hopes to become part of the European energy market within the next year and a half.
By Bakhtiyar Abbasov
