Billionaire Peter Munk wants to invest in Montenegrin port in Tivat

The owner of "Barrick Gold", the world's largest company for exploitation of gold, Peter Munk is willing to turn former military port in Tivat into an exclusive pier for luxurious yachts and ships in the Adriatics.

Munk (81) is of the opinion that the global economic crisis has created the opportunity for sale of services to the owners of luxurious yachts at very low prices.

Monk, who is a Hungarian, says that the economic crisis will hit the yacht owners as well. Many of them will be forced to sell their "pets", while those who are able to keep them will search for some port whose services are cheaper than the ones in Monaco, Palma de Maiorca or Saint Trope.

That is why his company has made the decision to finance the project for reorganization of former navy port 4 kilometers long. The pier, which is situated at the entrance to the Bay of Kotor, will be able to receive up to 630 ships and yachts once the reorganization is completed.

Annual demurrage in the port in Tivat will cost 130,000 EUR for a yacht 75 meters long, which is much cheaper that the prices in famous European ports. The yacht owners must pay 1m EUR for the same service in French port of Antibe.

Barrick Gold

Peter Munk

military port of Tivat

Adriatics

Palma de Maiorca

Sen Trope