Austria's EVN withdraws arbitration lawsuits against Macedonian government.

By bne IntelliNews June 2, 2011
Austria's EVN has agreed to withdraw two arbitration lawsuits against the Macedonian government, Macedonian state news agency MIA reported. In 2009, EVN initiated arbitration proceedings before the International Centre for Settlement of Investment Disputes, based in Washington, pertaining to EVN's investments in the former ESM and Macedonian government's treatment. In 2010, EVN initiated arbitration before the International Court of Arbitration in London over violation of the Macedonian legislation. Deputy PM in charge of economic affairs Vladimir Pesevski and EVN Macedonia Holding Executive Director Guenther Ofner both commented that all open issues between the government and EVN have been resolved. In late March, state-owned power generation group ELEM and EVN have reached a court settlement of their dispute. In March 2006, EVN has paid the price of EUR 225mn for a 90% stake in Macedonian power utility ESM Distribution (later renamed EVN Macedonia), which is engaged mainly in power distribution and also owns small hydropower plants. Meanwhile, Pesevski also said that after the adoption of the new Energy Law in February 2011 and the signing of the Agreement on Implementing Bylaws in April 2011, the Energy Community Secretariat has decided to close the three proceedings against the local government.

Related Articles

Macedonias 2013 tobacco crop expected to exceed 30,000 tonnes.

Macedonias tobacco crop is expected to increase by 20% to over 30,000 tonnes in 2013, Utrinski vesnik daily reported quoting Danco Mileski, president of the countrys tobacco association. The ... more

Macedonia cancels tender for gas distribution network feasibility study.

The transport ministry has cancelled the tender for preparing a feasibility study for developing the countrys natural gas distribution network, build.mk portal reported. Reportedly, two bids were ... more

Komercijalna Banka wins Global Finance award Best Bank in Macedonia for 2013.

Large-sized commercial bank Komercijalna Banka announced that it has won the award Best Bank in Macedonia for 2013 by the magazine Global Finance. The Macedonian bank wins the award for a 10th ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss