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Business Environment Macroeconomic Outlook Capital Market Banking Sector Privatization and Investments Economic Freedom Business News In the Spotlight Coming up...

Privatization and Investments Altcom Interested in the Construction of a Bypass in Montenegro The Ukrainian financial and industrial group, Altcom, has shown interest in a €40 million ($53 million) project for the construction of a bypass in Montenegro’s Adriatic resort of Budva. A visiting delegation of Altcom representatives visited the site for the planned bypass project, along with another site at Kotor. The statement said that Altcom builds and revamps railways, airports, stadiums, tunnels, bridges and underground networks. The company already owns two granite mines and two brick factories.

Montenegrin Municipality of Berane is going to Start Talks with Turkish Limark on Airport Revival The Montenegrin Municipality of Berane will soon start talks with Turkish Limak Holding on a project regarding the revival of its airport, said the mayor of Berane, Vuka Golubovic. “We soon expect to start negotiations with Limark representatives about this project that will be implemented through public-private partnership“ said Mr. Golubović. Another Turkish company, Turkmall, has also shown interest in the project. Neither of the two companies, however, has yet filed bids to tender for the reconstruction of the airport. The invitation to tender was opened at the end of last year. Berane is one of four Montenegrin airports that feature a paved runway and one of three to have a terminal building. It was built in the 1960s and was mainly used by the flag carrier of the former Yugoslav federation, JAT. Also, its main purpose was to service flights to Belgrade in Serbia and to Ljubljana in Slovenia.

Romanians Interested in Cableway Construction The Ambassador of Romania in Montenegro, Mr. Mihailo Florović expressed a particular interest in the Kotor-Cetinje cableway construction project during talks with the mayor of Cetinje, Mr. Aleksandar Bogdanović. Mr. Bogdanović informed the Romanian ambassador about activities that take place in the small royal capital as well as about various planned investments. He said that the key priority at the present time was to reduce unemployment, primarily through tourism and small-scale economy development. The ambassador, Mr. Florović announced the arrival of a representatives of Romanian Chamber of Commerce in Montenegro by June. He also said that, on this occasion, opportunities for investment in Montenegro would be considered. Source: www.seenews.com

Annex Agreed for the HTP ‘Boka’ Sale Agreement At its second session, the Council for Privatization and Capital Projects agreed the draft for an annex to the sale agreement for 59.5% of the shares of HTP "Boka" in Herceg Novi. This agreement defines new deadlines for the implementation of the investment, a new investment program and new guarantees regarding the execution of obligations. For the purpose of securing this new agreement, the investor will also be required to pay an additional €10 million to the Government of Montenegro.

Tenders Tender for HPP on the Morača river Extended - An Extra Five Months for Bids The government’s Commission for Economic Policy and Financial System has accepted a proposal to extend the deadline for the submission of bids for building hydro power plants on the Morača River to 30th September, 2011. The Italian companies, Enel and A2A, both of which are in consortium with the state power company (EPCG) have informed the Montenegrin Ministry of Economy that they were unable to submit their bids by the initial 15th April deadline, and need at least an extra three months in order to complete them. ENEL and A2A are participating jointly in putting forward a bid to tender with the Montenegrin power monopoly EPCG. They now remain the only interested companies after the short listed candidates, the Chinese company Sinohydro Corporation and the Austrian company Strabag, withdrew from the competition for this project at the end of last year. The HPP system on the Morača River includes the building of four hydro power plants that should have the average annual production capacity of 690 GW.

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