As 2024 draws to a close, Montenegro’s petroleum derivatives market appears dynamic and competitive. However, a range of unresolved challenges lies behind. Despite growth in capacity and the number of licensed entities listed in the report of the Energy and Water Regulatory Agency of Montenegro (REGAGEN), the country still lacks the most important component for the energy security – operational fuel reserves.
“According to data of REGAGEN, a total of 65 licensed energy entities were active on the market, yet real dominance remains concentrated in the hands of AD Jugopetrol Podgorica, holding a commanding lead in storage, transport, and retail infrastructure. With a storage capacity of 80.081 cubic meters, the majority located in the Bar installations — Jugopetrol controls over 80% of the country’s total storage resources,” the REGAGEN report on the state of Montenegro’s energy sector for 2024 suggests.
Other notable players on the Montenegrin market are Petrol Crna Gora, INA, Lukoil, and Montenegro Bonus.
While private companies are expanding their infrastructure (with total storage capacity increased by 1.23% compared to 2023), state-owned storage facilities, located in the Port of Bar, Lipci and Bijelo Polje remain out of operation. The government has only recently announced plans to rehabilitate three tanks at the Port of Bar that are supposed to serve as mandatory fuel reserves.
In December 2024, the Montenegrin Parliament adopted the Law on Stockpiling Petroleum Products, formally aligning national legislation with EU Directive 2009/119/EC. The State is thus obliged to establish minimum stocks of oil and petroleum products. However, without operational storage infrastructure, this commitment remains little more than a promise on paper.
