Podgorica, (MINA-BUSINESS) – Executive Director of Jugopetrol Vasilis Panagopoulos said that last year was one of the company’s strongest, with stable and positive financial results, adding that the focus remains on further infrastructure development and improving sustainable business practices.

Panagopoulos said that the company, which marks its 79th anniversary this year, managed to maintain continuity of stability and strong performance despite numerous challenges in the global energy market.

“Thanks to strategic planning and responsible management, I can proudly say that last year was one of the strongest in Jugopetrol’s history, with stable and positive financial results. We focused on cost optimization, improving operational efficiency, and strategic investments aimed at long-term business sustainability,” Panagopoulos told the Mina-business agency.

According to him, particular focus was placed on improving the retail network, more efficient management of logistics and procurement processes, as well as further digitalization of operations. 

Asked about key plans for further network development and investments in Montenegro, Panagopoulos said that, in response to market needs, the company plans investments and further development of retail and energy-sustainable solutions, in line with market trends and the regulatory framework.

“We continuously conduct analyses and research to expand our retail network in a planned and smart manner. Taking into account both market needs and business viability, we are focused on identifying the most promising locations and upgrading existing facilities in line with modern standards. As for this year, I would highlight the opening of two new petrol stations on the motorway, which is an important step in further infrastructure development,” Panagopoulos said.

He noted that the business environment in Montenegro still faces certain regulatory challenges that may affect business dynamics and investment processes. 

Panagopoulos believes that improving efficiency and greater predictability in the adoption and implementation of regulations would contribute to a more stable and stimulating business environment.

He added that introducing clearly defined transition periods and strengthening regulatory certainty would facilitate strategic management and contribute to further economic development in Montenegro.

“Jugopetrol remains committed to its role as a reliable partner of the Montenegrin economy and to open, constructive cooperation with relevant institutions. We believe that continuous dialogue between regulators and the business community can further improve the regulatory framework, strengthen market stability, ensure security of supply, and support a successful energy transition in Montenegro,” Panagopoulos said.