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Post an EU jobItalian investors are ready to invest up to five billion euros in energy projects and infrastructure in Montenegro, the Italian minister for economic development, Claudio Scajola, said on 16 June.
Montenegro, a former Yugoslav republic, declared independence from a loose federation with Serbia and Montenegro by a narrow margin in a May 2006 referendum. The federation of Serbia and Montenegro was created in 2003 to replace the former Yugoslavia. At the time, the EU opposed Montenegro's ambition to split from Serbia.
Pro-independence politicians repeatedly argued that Montenegro would have a better chance of becoming a member of the EU as an independent country. But Serbia's chances of joining the Union have also increased since the pro-Western camp won parliamentary elections last May (EurActiv 13/05/08).
In the autumn of 2007, Montenegro signed a Stabilisation and Association Agreement (SAA) with the EU, which is seen as a stepping stone on the way to membership of the bloc (EurActiv 16/10/07). Serbia signed a similar agreement this April (EurActiv 30/04/08). Then on 15 December Montenegro filed a formal application for EU membership (EurActiv 16/12/08).
Based on previous experiences (like Croatia), the Commission estimates that the preparation of an opinion, following the membership bid, will take 14 to 16 months. Thus, Montenegro expects to officially become a candidate country in 2010.
Montenegro has no currency of its own and uses the euro.
After meeting Montenegrin Prime Minister Milo Djukanovic in the capital Podgorica, Scajola said "investors are also interested in installing an undersea electric power cable between Italy and Montenegro".
Italy and Montenegro are both located along the Adriatic Sea, and an underwater power cable would alleviate shortages of electricity in both countries.
"Investors are also willing to build hydropower plants and to invest in Montenegro's (state-operated) Elektroprivreda Crne Gore (EPCG) and its power grid," Scajola said. In a statement issued later on Tuesday, Italy's Industry Ministry said Scajola had signed two memorandums of understanding with Montenegro, one for energy and one for transport.
Italian power group Enel is interested in building an 800-1,200 megawatt coal-fired power plant in Montenegro together with the Duferco group, the ministry said.
Italy's power grid operator Terna plans to build a 100 kilometre underwater power cable between the two countries with an initial capacity of 1,000 MW, it said in the statement. It added that regional utility A2A is planning a series of hydroelectric plants with an overall capacity of 240 MW.
Scajola stopped short of specifying the time span for the investments, but Djukanovic earlier this year said that joint Italian-Montenegrin projects could take years.
Djukanovic said "the cooperation between the two countries, the two governments and companies remains dynamic and good".
Earlier on Tuesday, representatives of the Montenegrin, Serb and Italian governments agreed to do a feasibility study for a 1.5 billion-euro overhaul of a key railway line connecting the Montenegrin port of Bar with Serbian capital Belgrade.
Montenegro, a Balkan nation of only 650,000 people, led by Djukanovic's pro-Western coalition, is seeking investments to boost its economy and buffer the impact of the global downturn.
On Monday, Montenegrin media reported that Italian oil company ENI is also interested in prospecting for oil and gas along the Balkan country's coast, just outside neighbouring Croatia. ENI already operates a natural gas offshore drill near the Croatian port of Pula.
(EurActiv with Reuters.)
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