The government of Montenegro held an electronic session yesterday to discuss preparations for the accelerated exit of the Italian energy company A2A from the ownership of Elektroprivreda.
According to earlier announcements, the Italians should be bought out for a maximum of two years, and not in seven annual installments of 35.7 million (EUR 250 million total), as planned before. Italians own 41.7 percent of EPCG.
The conditions for the announced acceleration of A2A’s exit have been achieved by the recent budget rebalance which allocated EUR 70 million for the payment of two installments (the first and most likely the seventh) for the purchase of all A2A shares from Elektroprivreda. In this way, as recently announced by Minister of Economy Dragica Sekulić, the ownership of the state in the EPCG will be increased to 69 percent.
The Govt earlier announced it is better to end the faulty partnership ASAP rather than wait for seven years.
In July last year, when A2A couldn’t find a buyer for its shares in the Montenegrin energy company, they informed the Govt that they want out. Madam minister then said EPCG is able to finance further development on its own but that it is preferable to find a new suitable partner/investor.
