Sitemap

CEZ Takes Bulgaria to Arbitration

Serbia Is Spain’s Main Foreign Trade Partner In The Western Balkans

Serbia is the main foreign trade partner...

Đukanović And Milatović In The Second Round Of Presidential Elections In Montenegro

According to preliminary data from the Montenegrin...

In 2022 Norway Earned Five Times More From The Sale Of Oil And Gas

In 2022, Norway earned five times more...

Dragan Džajić The New President Of The Football Association Of Serbia

Dragan Džajić, one of the best football...

Russian Diesel Exports On Track To Break Record Despite EU Sanctions

According to Bloomberg, Russian diesel exports are on track to hit a record this month despite European Union sanctions...

Serbia Is The First In Europe By The Number Of Women In The Gaming Industry

The growing gaming industry in Serbia employs about 2,300 professionals and generates about 125 million euros per year, and...

King Charles III Officially Opens EBRD’s New HQ

King Charles III has officially opened the new headquarters of the European Bank for Reconstruction and Development (EBRD) in London’s Canary...

Aleksandar Bogdanović Is The New President Of The Executive Board Of Mobi Banka

After all the necessary approvals from the National Bank of Serbia, the first digital bank in the region will...

55th International Car Show Opened

The International Car Show, 55th in a row, opened in Belgrade and has gathered 250 exhibitors who will present...

Czech-based CEZ Group says it has filed a request for international investment arbitration against Bulgaria. The claim is worth “hundreds of millions of Euros.”

A CEZ subsidiary is the largest electricity grid operator in Bulgaria covering the needs of several million customers. On its website, the group cites Bulgaria’s “failure to observe the investment protection provisions of the Energy Charter Treaty.”

CEZ decided to turn to the International Centre for Settlement of Investment Disputes (ICSID) with the World Bank Group after “a number of actions of Bulgarian authorities damaging CEZ companies in Bulgaria, causing the long-term critical situation on the local energy market that is not improving.”

Bulgaria has not used the opportunity for an amicable settlement of the dispute despite repeated notifications and demands from the company.

Previously CEZ, alongside other power distribution companies, have been involved in long disputes with Bulgaria, with debt claims on either sides. These, however, have never been referred to arbitration.

Related Articles

Czech Foreign Minister: Serbia Made Significant Progress In Combating Illegal Migration

Serbia made significant progress in suppressing illegal migration through the Balkan route when agreeing to harmonize the policy of issuing visas with the European...

National Day Of The Czech Republic Marked

The Embassy of the Czech Republic hosted a reception marking the national day of this country. Ambassador H.E. Tomáš Kuchta greeted guests in his...

Vučić With EU leaders In Prague At The First Summit Of The European Political Community

The President of the Republic of Serbia, Aleksandar Vučić, participated in the Summit in Prague where the initiative for the establishment of the European...

Serbia Exported 30,000 Tons Of Ice Cream Worth 63.5 Million Euros

Last year, 30,000 tons of ice cream worth 63.5 million euros were exported from Serbia, mostly to countries in the region, according to data...

H.E. Tomáš Kuchta, Czech Ambassador To Serbia

Rethink, Rebuild, Repower

The Czech EU Presidency will be ready to facilitate the Council of the EU’s discussion on the prospects of EU membership for Ukraine, while...

Czech Embassy Marks Its Country Taking Over EU Presidency

The Czech Republic took over the presidency of the European Union on 1 July, and the country's ambassador to Serbia, H.E Thomas Kuchta, hosted...

Bulgaria Sticks To Plan To Adopt The Euro In 2024 Amid Coalition Squabbles

Bulgaria’s government on Friday approved a plan to join the euro zone as of Jan. 1, 2024, amid concerns within the ruling coalition over...

NATO Is Not Considering Getting Involved In The Conflict

Czech Prime Minister Petr Fijala says that any direct NATO involvement in the conflict in Ukraine would mean the Third World War, and no...