Azmont Investments continues work on Portonovi Resort

(November 3, 2015) Azmont Investments states the management of Portonovi project is carried by the company, according to the agreement signed with SOCAR on the December 5, 2012. According to this agreement, all of SOCAR’s obligations, rights, and responsibilities stated in the lease agreement signed with Montenegrin Government were transferred to Azmont Investments.

All the relevant provisions and conditions of the lease agreement signed by Montenegrin Government and SOCAR on July 10, 2012 were taken as basis for the agreement in signed in between SOCAR and Azmont Investments. In particular, article 20.1.1. of the agreement states that the lessee (SOCAR) can transfer all of its obligations, rights and responsibilities to the newly founded company in Montenegro.

According to the leasing agreement, SOCAR will continue to act as guarantor for Azmont Investments.

SOCAR partnered Azerbaijan Global Investments (AGI) to organize operations of Azmont Investments according to world class standards. Existing partnership of the companies regarding to the management of Azmont Investments, including the management of Portonovi project, is continuous.

We would like to note that the main objective of AGI is to develop and implement investment projects in non-oil sectors outside of Azerbaijan Republic. The company was founded by leading Azerbaijani investment holding companies with investments in financial, construction, real estate, hospitality and other sectors both in Azerbaijan and abroad.

Taking into account both the vast expertise of AGI in financial sectors and potential growth opportunities in Montenegrin bank sector, Azmont Investments decided to establish a bank in Montenegro. Azmont Investments, the founder of the bank, will finalize preparation works to get banking license and proceed with official application to the Central Bank of Montenegro.