Montenegro: A2A to launch 526MEUR arbitrage procedure against Montenegro gov, new TPP Pljevlja unit and undersea power cable projects to be cancelled, SEE Energy News
Italian Company A2A, minority owner which manages Montenegro state utility company EPCG since 2009 ,will decide in September about launching the arbitrage procedure against Montenegro government in Washington because of unachieved contract obligations.
According to media reports from “Dan”, indemnified request of A2A would amount 526 million EUR. Amount of 430 million EUR refers to the money A2A invested in national interest, shares of small shareholders and EPCG’s recapitalization and 96 million EUR on expected income.
Their decision will depend on the situation development in Aluminum Combine which bankrupted on 8 July. KAP owes around 45 million EUR to EPCG and energy company reported this as a purchase. EPCG would need to give up all planned investments by eventual launching of arbitrage in Washington. That would mean that negotiations about construction of the TPP’s second block and undersea cable from Montenegro to Italy realized by other Italian Company “Terna” are being stopped- “Dan” concludes.
Source; Serbia Energy See desk/Dan
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