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Our story

  • 1947

    Jugopetrol AD was established on April 12, 1947, with its Headquarters in Kotor, as a company for production and trade of oil and oil products. It has started operating with very modest assets and resources at the earliest beginnings of oil industry in the former Yugoslavia.

  • 1947

    The period from 1947 to 1957 is distinguished by the beginning of building the facilities- primarily the warehouses and then the petrol stations. The construction of warehouses at Ljuta, Titograd (now Podgorica) and Niksic started. Within this period the first electricity-powered petrol station was built in Titograd in 1954 and then the petrol stations in Kotor, Bar, Cetinje, Kolasin and Andrijevica.

  • 1957

    The period from 1957 to 1967 is qualified by the rapid rise of the oil consumption due to the development of all business activities in Montenegro. The first consumption of heating oil occurred in 1964.

  • 1965

    A real boom in the development of the storage capacities was between 1965 and 1974. The first phase of the construction works of petroleum installation Bar started in 1964. This petroleum installation was at that time the most modern facility in the Balkan area.

  • 1970

    Since 1970, Jugopetrol has the rights for hydrocarbons exploration in the territory of Montenegro and, up to now, it has collaborated with foreign and domestic partners in this field. 

  • 1976

    Within the period 1976 to 1981 the drilling of 3 exploration wells was done (South Adriatic 1 in Budva offshore zone; South Adriatic 2 in Ulcinj offshore zone and South Adriatic 3 where mobile oil was found at a depth of 4,134 m). The drilling of exploration well UK-1 near Ulcinj started in 1989. This well with the depth of 5,309 m was the deepest well drilled in Former Yugoslavia.

  • 1992

    From 1992 to 1996, Jugopetrol managed its affairs as a Public Interest Company for exploration, exploitation and sales of oil and oil products and in December 1996 was transformed into a Shareholding Company.

  • 2002

    Since October, 2002 Jugopetrol has been a member of large HELLENiQ ENERGY Group. After SP Agreement had been signed, HELLENiQ ENERGY, highly renowned and well-know Greek oil Company, became the majority shareholder of Jugopetrol AD Kotor. Since then, the retail network of the Company is operating under the commercial brand "EKO", well-known and respected in five countries of the South East Europe region.

    More than 75 years have passed from the establishment of the Company and Jugopetrol has been and still is the part of the identity of Montenegro. The Company has passed through various phases of transformation and has been growing and developing together with the growth and the development of the country’s economy, road network, tourism  and other industries. It has grown into a large and powerful company passing through many organizational and operational transformations.