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EC Communication – the European Commission approved the change in Shipyard Trogir Restructuring Programme

The European Commission has approved the changes in restructuring and draft of the Contract on the Privatization of the Shipyard Trogir, one of Croatian shipyards in difficulties.

“We are making good progress with Croatian shipyards. After a successful privatization of the Brodosplit Shipyard, we have found a satisfying solution for the restructuring of the Shipyard Trogir. The privatization of the shipyard can now move on in accordance with Croatian requirements. This will enable the new owners of the Shipyard Trogir, as well as its workers, to build a new future”, said Joaquín Almunia, the vice-president of the European Commission in charge of the market competition policy.

In their communication, the EC explains that this change includes a modest increase of state supports to the shipyard, the possible effects of which on the disruption of market competition will be appropriately balanced by additional compensation measures suggested by Croatia. Specifically, the Shipyard Trogir no longer has the possibility of negotiating production quotas with other shipyards. The Commission has also established that compensation measures will ensure a strict limitation of production and a permanent removal of a part of production plants, as well as prevent a potential disruption of market competition owing to state supports, especially as they include a modest increase of that amount.

Croatia committed to signing a privatization agreement two weeks since the day of accepting the EC Decision which would end the privatization process until Croatian access into the EU.

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