Finance Minister Žugić: Implemenation of underwater energy cable project will boost Montenegrin economy

Podgorica, Montenegro (11 February 2015) – Finance Minister Radoje Žugić met yesterday with Executive Director of Terna Montenegro Claudio Marchiori to discuss the implementation of TERNA projects, particularly emphasising the most important energy project – construction of underwater cable between Italy and Montenegro.

Mr Marchiori informed Minister Žugić about ongoing activities on designing and constructing the cable, adding these activities are being undertaken according to the schedule.

He also commended the announced amendments to the legal regulations related to the taxation of VAT electric transmission service according to the seat of recipient, which are important for the harmonisation of the national legislation with the EU standards. In that regard, Montenegro will meet all the requirements in order to ensure Terna's efficient operation in the country.

Minister Žugić highlighted the importance of the underwater cable construction, adding it will significantly boost Montenegrin economy.

 
The meeting confirmed good cooperation and partnership between the two countries, stressing that communication related to this particular issue should be intensified in the coming period.