UPDATE 1-A2A, PPC still in race for Montenegro EPCG

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PODGORICA, Montenegro July 21 (Reuters) - Norway's Nord-Troendelag Elektrisitetsverk and Russia's Inter Rao have dropped out of the race for Montenegro's power monopoly, Deputy Prime Minister Vujica Lazovic said on Tuesday.

"Italy's A2A and Greece's PPC remain in the final of a tender and their bids will be opened on July 24," Lazovic told state television in an interview. "I expect that between 200 million and 300 million euros will arrive to Montenegro based on this transaction."

Greece's Public Power Corp (PPC) (DEHr.AT) has bid together with GoldenEnergy One Holdings, a unit of Greek shipping group Restis.

The government is selling 9.15 percent in EPCG but the buyer will be able to use a new share issue to raise its stake to 18.30 percent.

Lazovic said that Norway's NTE had submitted incomplete documents, while Russia's Inter Rao (IRAO.MM) had failed to meet qualification criteria, but did not elaborate.

Italy's A2A (A2.MI) already bought a 15 percent stake in EPCG in May in a series of block trade transactions on the Montenegro Stock Exchange from four local institutional stakeholders, for 122.7 million euros or 7.1 euros per share.

The state owns a 70.6 percent stake in EPCG, whose shares closed flat on Tuesday at 6.8 euros. Back in January, based on the company's share price of 3.15 euros, EPCG was estimated to be worth around 1.0 billion euros.

With no new power generating facilities built for 25 years, Montenegro generates on average only about 35 percent of its electricity needs each year.

(Reporting by Petar Komnenic; Writing by Gordana Filipovic; Editing by Bernard Orr)