Jugopetrol AD

What Jugopetrol AD does

Jugopetrol AD is a Montenegrin public joint-stock company that operates the EKO retail fuel network under license from its parent group, Hellenic Petroleum (HELPE). Its core business is the wholesale and retail distribution of petroleum products through a nationwide network of 46 EKO-branded petrol stations, complemented by LPG distribution, aviation fuel supply to institutional customers such as Police Aviation and emergency services, and maritime services. Beyond fuels, Jugopetrol sells a portfolio of industrial lubricants (HYDROLUB, TURB R&O, GEARLUB, COMPRESSOR OIL) to transport, construction, and manufacturing customers, leveraging proprietary CFPP (Cold Filter Plugging Point) technology in premium grades such as Diesel Avio Double Filtered launched in partnership with Alfa Romeo. The product range also includes Eurodizel, Eurosuper 95/98, and value-tier Ekonomy variants for retail motorists.

The company's revenue model is a mix of retail fuel sales (high-volume, low-margin) at station forecourts, B2B bulk and lubricant supply contracts, and aviation/maritime fuel sales. In 2024–2025, Jugopetrol expanded the station proposition into adjacent revenue streams: EV charging infrastructure, on-site solar generation at 12 stations, and self-service laundries, signaling a transition toward a hybrid energy-and-convenience retail model. The capital structure consists of 4,653,971 publicly held shares with dividend distributions administered through Erste Bank, and governance is overseen by a board with turnover between 2020 and 2026 consistent with parent-group oversight. Jugopetrol serves retail consumers, transport fleets, construction and industrial buyers, government/institutional accounts, and automotive OEM partners, all within the Montenegrin domestic market.

Name

Jugopetrol AD

Legal name

Jugopetrol AD

Website

https://jugopetrol.co.me

Company type

Public

Founded year

1947

Operating status

Operating

Headcount range

101–250 employees

Short description

Jugopetrol AD is a Montenegrin public joint-stock company operating 46 EKO-branded petrol stations, distributing fuels, LPG, industrial lubricants, aviation and maritime fuel to retail, B2B, and government customers under Hellenic Petroleum Group ownership.

Ownership category

akta.pro rank

Product category

Fuel Retail and Distribution

NAICS

Gasoline Stations with Convenience Stores (457110), Petroleum Bulk Stations and Terminals (424710), Gasoline Stations and Fuel Dealers (457)

SIC

Retail-Auto Dealers & Gasoline Stations (5500), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Retail Service Station Operations (Company-Owned & Dealer-Operated) (EUALAIAA)

akta.pro secondary industries

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB), Lubricants, Fluids & Chemical Products Distribution (Oils, Coolants, AdBlue/DEF, Cleaners) (TLAKAOAL), Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD), Packaging, Filling & Private Label / Contract Manufacturing (EUALAJAD), Non-Fuel Retail & Ancillary Forecourt Services (Car Wash, Auto Care, ATM/Lottery, Parcel Lockers) (EUALAIAJ)

Keywords

• Fuel retail distribution
• Petroleum products
• Industrial lubricants
• Petrol station network
• Aviation fuel services

Headquarters

HQ city

Podgorica

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Fuel Retail: Sale of petroleum products (Eurodizel, Eurosuper 95, Eurosuper 98, Ekonomy variants) through EKO branded petrol station network across Montenegro.
2. Wholesale/B2B Fuel Sales: Direct sales to transport companies, construction firms, industrial sector, and fleet operators through the Industrial Sales Department (Wholesale department).
3. Lubricants and Industrial Oils: Sale of industrial oils including hydraulic oils, turbine oils, compressor oils, gear oils, and specialized products for various industrial applications.
4. Car Wash Services: Self-service and automated car wash services at EKO stations including rollover wash, truck/van wash, and manual washing.
5. LPG (Liquefied Petroleum Gas): Sale of LPG in bottles (10kg and 35kg) and potentially autogas at EKO stations.
6. Aviation Fuel Services: Supply of aviation fuel through aviation service division.
7. Shipping/Fleet Services: Port operations and fleet lubrication services for maritime customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Jugopetrol AD distributes and sells petroleum products including Eurodizel, Eurosuper 95, Eurosuper 98, LPG, and a full range of automotive and industrial lubricants through a network of 46 EKO-branded petrol stations across Montenegro. The company serves both retail consumers and B2B customers via a dedicated Industrial Sales Department supplying transport, construction, and industrial sectors, plus aviation fuel and maritime/port services.

Product overview

Jugopetrol AD operates the EKO brand petrol station network across Montenegro, offering a comprehensive portfolio of fuel products (Eurodizel, Eurosuper 95, Eurosuper 98, Ekonomy variants, LPG/autogas), automotive and industrial lubricants, and convenience services including car washes and EV charging. The company serves both retail customers through the EKO station network and B2B customers through its Wholesale/Industry division. Industrial operations include specialized products such as hydraulic oils (HYDROLUB), turbine oils (TURB R&O), circulating oils (CIRCOLUB), gear oils (GEARLUB), compressor oils, slide way oils (SLIDE), heat transfer oils (THERMAL), metalworking fluids (FILM OIL, CUTTING FLUID, ROLLING OIL), process oils (PROCESS), and food-grade white oils (MED WHITE OIL). Additional services span aviation fuel operations, maritime/port services, and EKO Guarantee quality assurance. The company also provides EV charging infrastructure and self-service car wash facilities at select locations.

Differentiator

Problem solved

Functional benefit

Brands

• EKO Economy: Economy fuel product line including Ekonomy 95 and Ekonomy Diesel
• EKO Guarantee Program
• EKO Auto Spa
• EKO Industrial Products

Products and services

• EKO Fuels (Eurodizel, Eurosuper 95, Eurosuper 98, Ekonomy variants) Automotive fuels including Eurodizel, Ekonomy Diesel, Eurosuper 95, Ekonomy 95, and Eurosuper 98 sold at EKO petrol stations across Montenegro. Includes cold-weather diesel rated CFPP -18 to -20°C.
• LPG (Liquefied Petroleum Gas) Autogas (TNG) and LPG bottles (10kg and 35kg) available at EKO petrol stations for vehicle and household use. 24 stations offer LPG bottles.
• EKO Retail Network Network of 46 EKO petrol stations across Montenegro serving retail consumers with fuels, lubricants, LPG, car wash, and EV charging services.
• Wholesale / Industry Sales Dedicated Industrial Sales Department (B2B wholesale) supplying fuel and industrial lubricants to transport companies, construction firms, manufacturing plants, and fleet operators in Montenegro.
• EKO Lubricants Complete range of automotive, industrial, and marine lubricants available at EKO stations and for wholesale, including hydraulic oils, turbine oils, gear oils, compressor oils, and more.
• EKO Auto Spa (Car Wash) Self-service and rollover car wash facilities at EKO petrol stations in Podgorica, Budva, and Igalo, with multiple wash tiers (Fast €4, Standard €6, Premium €8, Platinum €15) plus truck and van washing.
• EV Charger Electric vehicle charging stations available at multiple EKO petrol station locations across Montenegro for EV drivers.
• EKO Aviation Service Aviation fuel and service operations supplying airlines and aviation operators at airports in Montenegro.
• EKO Shipping and Port Services Port operations and maritime lubricants supplied from the Bar terminal for shipping vessels and maritime fleets.
• EKO Guarantee Program Quality and quantity assurance program for fuel dispensed at EKO petrol stations, providing customers with confidence checks on fuel integrity.
• Diesel Avio Double Filtered Specialty diesel fuel with double filtration designed for high-performance engines and aviation-grade applications, launched in partnership with Alfa Romeo.
• EKO MED WHITE OIL Refined medicinal white oils compliant with 21 CFR 172.878 and 21 CFR 178.3620(a) specifications for food industry applications with direct or indirect food contact.
• HYDROLUB HVLP Hydraulic system oil for industrial hydraulic applications requiring high viscosity index performance.
• HYDROLUB HLP Hydraulic system oil for industrial applications requiring standard hydraulic fluid performance.
• TURB R&O Turbine oil formulated with rust and oxidation inhibitors for power generation and industrial turbine systems.
• CIRCOLUB Circulating system oil designed for industrial machinery circulating lubrication systems.
• GEARLUB Industrial gear oil formulated for mechanical transmission systems and enclosed gearboxes.
• COMPRESSOR OIL Compressor oil for air and gas compression equipment used in industrial operations.
• SLIDE Slide way oil formulated for machine tool sliding surfaces to prevent stick-slip.
• THERMAL Heat transfer oil for thermal systems requiring efficient and stable heat transfer fluid performance.
• FILM OIL Metalworking fluid for forming and drawing operations in metal processing.
• CUTTING FLUID Metalworking fluid designed for cutting operations in metal machining.
• ROLLING OIL Metalworking fluid formulated for rolling operations in metal processing and steel manufacturing.
• PROCESS 845, 876 Process oils for industrial manufacturing applications including chemical and processing industries.

Quantifiable outcome

• Diesel fuel CFPP between -18 and -20°C, exceeding the prescribed winter standard of -15°C

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, supporting and minor.

• Hellenic PetroleumcoreStrategic or Co-development PartnerParent company and part of the Hellenic Petroleum group which includes EKO operations across Greece, Cyprus, Bulgaria, Serbia, and other Balkan countries. Jugopetrol operates under the EKO brand as part of this group.
• EKO (Hellenic Petroleum brand network)coreStrategic or Co-development PartnerRegional EKO brand operations including EKO Greece, ΕΚΟ Cyprus, EKO Bulgaria, EKO Serbia, and OKTA AD Skopje as part of the broader EKO network.
• TÜV AUSTRIA HellassupportingTechnology or IntegrationProvider of CoVid Shield certification scheme for businesses implementing COVID-19 safety measures. Certified Jugopetrol industrial facilities and offices at the top 'Excellent' level.
• Erste Bank AD PodgoricasupportingOthersBanking partner for dividend payouts to shareholders. All dividend payments are distributed through Erste Bank branches.
• Red Cross of MontenegrominorGTM or Marketing PartnerHumanitarian partnership for COVID-19 response and ongoing social responsibility initiatives. Jugopetrol donated €5,000 worth of fuel and €40,000 for ventilators, plus humanitarian packages worth €10,025.
• SEEPEsupportingStrategic or Co-development PartnerSoutheast European Petroleum Exploration (SEEPE) - part of the Hellenic Petroleum group of companies.

Scale indicators5 records

Recent moves4 records

Expansion highlights5 records

Broad incumbents

• MOL Group: Hungarian-headquartered integrated oil and gas group with extensive fuel retail networks across Central and Eastern Europe; comparable as a broad incumbent competing for wholesale and retail volumes in the Balkans.
• OMV: Austrian-headquartered integrated energy company with retail and B2B fuel operations across Central, Eastern, and Southeastern Europe; comparable as a broad regional incumbent in branded fuel marketing and lubricants.
• Petrol (Slovenia): Largest Slovenian energy company with a comparable retail station network across the former Yugoslav region; competing in adjacent markets with overlapping fuel, LPG, lubricants, and EV charging offerings.
• INA Group (Croatia): Croatian integrated oil and gas company with retail and wholesale fuel operations across the Balkans; comparable as a regional incumbent with branded station networks, lubricants, and B2B fuel supply.
• LUKOIL Balkans: Russian-headquartered global oil major with a meaningful Balkan fuel retail presence historically; competes with Jugopetrol on branded retail and wholesale fuel in Montenegro and neighboring markets.

Direct peers

• EKO Serbia: Serbian EKO-branded fuel retail and B2B operator within the same Hellenic Petroleum group; closely comparable on brand portfolio, station network model, and Balkan B2B customer mix in transport and construction.
• OKTA AD Skopje: North Macedonian fuel retail and wholesale operator under the same Hellenic Petroleum/EKO group umbrella; directly comparable on business mix (retail stations, wholesale B2B, lubricants) and regional Balkan market dynamics.
• EKO Cyprus: Cyprus-based EKO retail and wholesale fuel operator under the same group; comparable on integrated fuel retail, LPG, lubricants, and convenience services in a small island market similar in scale to Montenegro.
• EKO Bulgaria: Bulgarian EKO-branded fuel distribution network under HELPE; comparable on retail station operations, branded wholesale, and integrated lubricant portfolio within an adjacent Balkan market.
• EKO Greece: The original and largest EKO-branded retail and wholesale fuel network under Hellenic Petroleum; directly comparable business model across retail stations, industrial/wholesale, and lubricants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/jugopetroladkot
• LinkedInlinkedin.com/company/jugopetrol-ad

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jugopetrol AD