Bulgaria Doesn't Appeal Arbitration Ruling over Atomstroyexport Debt

Business » ENERGY | September 29, 2016, Thursday // 07:53| Views: | Comments: 0
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Bulgaria: Bulgaria Doesn't Appeal Arbitration Ruling over Atomstroyexport Debt File photo, BGNES

The Bulgarian government announced it didn't appeal the arbitration ruling that obliged it to pay nearly EUR 630 M to Russian company Atomstroyexport for equipment made for an abandoned nuclear plant project.

Late on Wednesday, it sent a statement citing White and Case, an international law firm working with governments, companies and financial institutions.

Grounds to appeal the ruling were strictly limited, and Switzerland-based arbitration are not known for granting appeals, the cabinet says.

"Based on this opinion, the National Electricity Company decided not to appeal the ruling and the deadline for appeals expired," it added.

The state-owned electricity company was made familiar with the opinion and decided not to appeal.

Earlier, Energy Minister Temenuzhka Petkova had said the country would dispute the way interest on the principal had been calculated in the ruling.

Additionally, Atomstroyexport will accept a partly reduced amount to make up for the allegedly miscalculated interest as it accepted four of the seven mistakes pointed by the Bulgarian side.

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Tags: Arbitration, National Electricity Company, Temenuzhka Petkova, Atomstroyexport, Belene Nuclear Power Plant, Belene NPP
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