Austrian company Ivicom Holding demands 150 million euros from Albania in Arbitration

 Arbitration Court

 If the agreement between an Austrian company and Albania is broken, it could result in the two parties ending up in arbitration and potentially causing another confrontation in the Court of Arbitration for Albania. 

"Ivicom Holding," an Austrian company, is seeking 150 million euros in compensation from the Albanian government for breaching their agreement to construct a power plant in the Korça region, reports, say.

Recently, the Ministry of Finance paid around 150 million old lek to a Swedish law firm representing Albania in the arbitration process and also paid 500,000 euros for consultation related to the dispute. 

The proposed power plant project, which was expected to employ 400 people and cost around 350 million euros, was rejected by the Ministry of Environment, leading to the Austrian company's claim for compensation in the Swedish Arbitration Court. This is one of several ongoing arbitration cases against the Albanian government, including those involving the German company "EMS Shipping" and the companies "Dondi and Kubota."