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Delegation from Qatar is pondering buying 49 per cent of Macedonia’s state-owned power producing company, ELEM, the government says.
Macedonian FinMin Zoran Stavreski and PM Nikola Gruevski during their visit to Qatar in April | Photo by: gov.mk
Representatives of several Qatari state companies are in Macedonia reviewing the financial conditions and technical potential of the Macedonian company, Viktor Mizo, head of the government Directorate for Technological Industrial Development Zones, said.
Mizo said the deal is expected to “bring up to €1.2 billion that will be used to construct new energy facilities that will meet the interests of both the country and the investor”.
On Tuesday representatives of Qatar Holding, Qatar Petroleum, Qatar Water and Electricity are to visit ELEM’s facilities near the capital, including the three hydro power plants, Matka, St Petka and Kozjak.
After dividing its old state-run power operator ESM in two, Macedonia sold the power distribution grid to Austria's EVN in 2006.
The power production company, ELEM, which mostly manages the country’s coal and hydro power plants, remained under state control.
ELEM is one of the last big state companies that has not been privatized in the last 20 years since the transition from a Socialist economy to a free market.
The visit follows a Macedonian business promotion in Qatar in early April that was led by Prime Minister Nikola Gruevski.
Mizo said that they had discussed other projects with the Qataris, ranging from the opening of gas stations to investments in food production.
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