Montenegro and US agree on energy cooperation, LNG terminal included

February 9, 2023, by Aida Čučuk

Montenegro’s Minister of Finance, Aleksandar Damjanović, and representatives of the United States (US) Department of State have discussed the economic relations between the two countries with an emphasis on cooperation in the field of energy, agreeing to take action in regard to the Bar LNG terminal.

Courtesy of Montenegro's Ministry of Finance

According to Montenegro’s Ministry of Finance, the countries jointly assessed that the issues of energy security, diversification, and transition towards renewable sources and clean energy are of great importance for both countries.

They discussed the possibility of building an LNG terminal in the Port of Bar and agreed on concrete steps towards the realisation of that idea.

They also talked about the potential involvement of American companies in the Bar project, but also in other energy and traffic infrastructure projects in Montenegro.

Minister Damjanović expressed Montenegro’s readiness to move forward with the projects, in partnership with American companies and with the support of American development agencies.

In 2021, Singapore-based project developer LNG Alliance partnered up with Montenegro’s state-owned power firm EPCG to look into LNG and power projects and a dedicated LNG import terminal in the Port of Bar, and in May 2022, it completed the pre-feasibility studies for the terminal and signed a MoU with the Port of Bar for further advanced studies.

The Bar LNG terminal is expected to primarily serve Montenegro and major parts of Bosnia and Herzegovina, Kosovo, Serbia, Albania, and the southern region of Hungary.