Montenegro Parliament ratifies shareholder contract with A2A

Montenegro August 1, 2016 | Comments: 0Author: Balkan Green Energy News

Lawmakers voted to accept the draft agreement with the state’s Italian partners in Electric Power Company of Montenegro (EPCG) late on July 29. A2A gets managing rights but also more responsibility, vice premier Vujica Lazović stated.

The motion was passed with 41 votes in favor and 11 against. “The state will have bigger control over management than before. There will be no arbitration, and in the case of exit, the government will buy A2A shares for EUR 250 million over seven annual rates,” Lazović explained, as reported by Mina-Business.

The government has said the shareholder contract has strategic importance for the independence of the energy sector, but the opposition considers the deal illegal, according to the article, carried by CdM portal. The option for the state to have priority in a potential purchase is in force until March 31. A2A stated negotiations have been conducted transparently.

Italian ambassador Vincenzo del Monaco said he hopes the talks will not become campaign fuel and added the company from his country would never agree to an illegal deal.