October 9 (SeeNews) - The government of Kosovo plans to contest an International Court of Arbitration ruling that mandates a 20 million-euro ($21 million) penalty to be paid to London-listed energy producer ContourGlobal in a dispute over delays in the financial settlement of a canceled thermal energy project.
Kosovo’s representative, the State Bar, will challenge the decision in the UK civil court, Kosovo’s ministry of justice told SeeNews in an email.
The agreement with ContourGlobal, envisaging the construction of a 1 billion-euro, 500 MW coal-fired power plant by 2020, was signed in 2017 under the former government led by ex-prime minister Ramush Haradinaj. In March 2020, ContourGlobal announced it would not go forward with the construction in Kosovo, saying the newly-elected government opposition to the project had been hindering its timely progress.
Kosovo’s ministry of economy announced the dispute in December 2020, attributing the financial delay to disagreements among the involved parties.
($ = 0.949 euro)