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PM Marković hosts Terna's management: Works on undersea cable project successfully completed

PM Marković hosts Terna
Published date: 03.07.2019 16:52 | Author: PR Service

Ispis Print

Podgorica, Montenegro (3 July 2019) – Prime Minister Duško Marković hosted the management of the Italian company Terna, headed by Chief Executive Officer Luigi Ferraris, regarding the successful completion of work on an undersea power cable project linking Montenegro and Italy.

Prime Minister Marković and CEO Ferraris noted that undersea power cable, as a result of partner cooperation between the governments of Montenegro and Italy, brings complete energy security to our country, makes it a regional energy hub and represents a new form of infrastructure connectivity between the Balkans and the European Union.

"This historic project is the best example of how vision and cooperation bring new value, which will benefit both countries and our citizens, not only our generation, but also the future generations," Prime Minister Marković stressed and added that alongside the motorway construction this project is the largest infrastructure project in Montenegro. 

The CEO of Terna informed the Prime Minister that an undersea energy cable between Montenegro and Italy, a total length of 445 km, out of which 423 km is an undersea part, is worth EUR 1.15 billion, and that the previous cable laying operation has already produced numerous positive effects in Montenegro: "This project, the largest of its kind in the Mediterranean has already launched here local businesses worth more than EUR 60 million," the CEO of Terna said and added that the project in Montenegro employs 120 people.

Prime Minister Marković informed Terna's management that several countries of Eastern and Southeastern Europe have already expressed serious interest in concluding various arrangements with Montenegro in order to utilize the capacity of an undersea energy cable that should officially be put into operation in autumn.

The meeting concluded that the Government of Montenegro and Terna had a great cooperation on this project and saw a common interest in expanding cooperation, especially in the context of Montenegro's strategic commitment to base its energy future on renewable sources.

Minister of Economy Dragica Sekulić, Chairwoman of the Board of Directors of the Montenegrin Electricity System Vesna Bracanović and Ambassador of the Republic of Italy to Montenegro Luca Zelioli also attended the meeting.