Montenegro won’t sell EPCG but having minority shareholder is not bad idea – minister

sasa mujovic epcg sell privatization


November 15, 2023






November 15, 2023





The new Minister of Energy and Mining Saša Mujović said the Government of Montenegro doesn’t plan to sell state-owned power utility Elektroprivreda Crne Gore, but that he isn’t against the sale of a minority share in the company.

The claim that the Montenegrin government intends to sell the EPCG isn’t true, Minister of Energy and Mining Saša Mujović told TV E.

He reacted to the statement of former Prime Minister Dritan Abazović that the new Prime Minister Milojko Spajić plans to sell the company. Mujović stressed that EPCG is one of the Montenegrin crown jewels and that he would not be part of the government that planned to sell it at the beginning of its mandate.

EPCG can issue bonds to obtain funds for investments

He recalled that Spajić said EPCG is a company capable of making a profit and raising funds for investments through bond issuance. Mujović clarified that he supports the approach.

Nevertheless, Mujović did say the sale of a minority stake would not be tragic, though he added it is his view as a professor at the Faculty of Electrical Engineering and not as a minister.

“I wouldn’t oppose it if a credible partner, an exceptionally good and respectable company active in electricity production, comes in and gets, for instance, 10%, 20% of ownership – enters EPCG’s management structure,” he stated.

A minority owner would make it difficult for EPCG to get orders from politicians

Now EPCG is used by politicians and the government to secure more votes, Mujović stressed and added that he is against the practice.

According to him, a foreign partner would participate in the company’s management and it would make it difficult for the Montenegrin government and himself to suggest to EPCG to buy companies that have nothing to do with its core business, or to finance some sports teams.

The sale of part of the shares would even be desirable, Mujović said, again with a caveat – that he didn’t want to make a prediction.

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