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Dec 15, 2017 13:14 EEST
December 15 (SeeNews) - Montenegro's government said it is in talks with several financial institutions willing to support the privatisation of power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] following the sale of the 41.7% stake held by Italian sector player A2A.
The country's economy ministry is analysing options to quicken the sale of the shareholding interest owned by A2A in EPCG, which would not burden the state budget, Montenegro's Privatisation Council said in a statement on Thursday.
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"In this regard, discussions are underway with several potential investors, financial institutions, which indicate the possibility of improving the position of the state and creating a space for new foreign investments in the energy sector," the government said.
Montenegro's government said in July it received an official application by A2A for the sale of its shareholding interest in EPCG. The government will pay a total of 250 million euro ($290 million) for the shares held by A2A in seven annual instalments so as not to burden the state budget, the government said back then.
However, according to media reports, Montenegro's draft budget for 2018 does not envisage funding for the repayment of the first of the seven instalments due in May, which suggests that it might have already found a strategic investor to replace A2A in the power utility.
Italian financial daily Milano Finanza reported in November that Finnish energy company Fortum and US company ContourGlobal are interested in the acquisition of the 41.7% stake in EPCG held by A2A.
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