Albania, Czech CEZ To Finalise Talks on Sale of Power Distributor OSSH by End-Dec - Media

The negotiations on the contract are expected to begin later this week and are expected to be completed within the timeframe envisaged in the law, which is 30 days after the government chooses a buyer, Agon reported quoting unnamed sources from the Energy Ministry.

The sale is then to be approved by the 140-seat Albanian parliament.

On October 29 Albania’s government approved in principle the sale of the majority stake in 0SSH to CEZ.

Under the contract that will be signed with CEZ the buyer will have to cut power losses during distribution to 15% by 2014 from the current 35%, Agon said.

CEZ remained the sole bidder in the OSSH tender after the tender commission disqualified the other candidate, Italy's Enel.

The Czech company has offered to pay 120 million euro ($153 million), to invest 425 million euro in OSSH, and to pay OSSH's outstanding debt of 15.6 billion leks ($160 million/126 million euro).

(1 euro = 123.6184 Albanian leks)