site.btaGovernment Extends over EUR 600 MLN to NEK to Cover Atomstoyexport Obligations

Government Extends over EUR 600 MLN to NEK to Cover Atomstoyexport Obligations

Sofia, November 30 (BTA) - The Government Wednesday approved additional payments from the central budget to the Ministry of Energy for 2016 intended to cover obligations of the Natsionalna Elektricheska Kompania EAD (NEK) according to the judgment on arbitration case ICC Case 18086/GZ/MHM, the Government information service said Wednesday. On September 28 the National Assembly passed the State Aid Bill to cover NEK obligations according to the judgment in connection with the Belene N-plant project, the press release recalls.

The Council of Ministers also determined the conditions for the provision and reimbursement of onerous financial aid on the part of NEK, as well as approved the agreement between the Minister of Energy and NEK in relation to the payments.

According to the agreement, the Ministry of Energy undertakes to provide NEK onerous aid to the amount of 601,617,133 euro by December 9. In turn, NEK undertakes to pay the sums adjudged under the arbitration case under the conditions and procedure of the agreement with Atomstoyexport concluded on October 26, 2016, for the final settlement of their relations.

NEK should repay the aid to the central budget through the budget of the Ministry of Energy over a period of seven years counted from the date of its provision.

The aid is extended following the reception of approval by the European Commission.