Montenegro, Government allowed EPCG to start negotiations over Zeljezara Niksic takeover

, SEE Energy News

Montenegrin Prime Minister Dritan Abazovic said that the Government has given the green light to state-owned power utility EPCG to start negotiations with Turkish Toscelik for the takeover of Zeljezara Niksic steel mill.

PM Abazovic said that EPCG assumes the commitment to negotiate the sale price and the way to execute the acquisition of Zeljezara Niksic with the Turkish company. Previsously, EPCG officials said that the company sees good development potential in acquiring Zeljezara Niksic.

Toscelik acquired Zeljezara Niksic in 2012, at the tender for 15.1 million euros. Toscelik suspended production activities at Zeljezara Niksic in March 2021, due to a drop in orders caused by the coronavirus pandemic. Last year, the Turkish company said it is in talks for the sale of the steel mill.