Investments in the energy sector, as well as deals, will be subject to a specific filter, reads the bill on the amendments to the Law of Georgia "On Energy and Water Supply," the Parliament plans to discuss during an extraordinary meeting this week.
The bill envisages the expansion of the mandate of the National Energy and Water Regulatory Commission of Georgia.
In case of the bill adoption, the commission will be enabled to preliminarily evaluate transferring more than 5% of the shares of energy companies and, if required, to suspend the transaction.
As the Commission Chairperson Davit Narmania says, the commission will exercise the right to ban the sale of a share if it finds that the transaction related to the energy sector is going through the legal entity of the occupying country or at the expense of funds from the occupied territories, or is it otherwise contrary to the national interests of the country.
Following the amendments, the commission will enjoy three months to give the company consent or ban the sale of a share.
Narmania says that the restrictions by the bill will not apply to legal entities of the Member States of the EU Energy Union, adding the statement does not breach any property rights.
The commission presented the bill to the Parliament of Georgia on July 13.