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ARMO Goes To America
TIRANA, May 21 - A U.S.-Swiss consortium on Wednesday offered the best bid in an international tender for the sale of an 85 percent stake in the state-owned ARMO (Albanian Refinery &. Marketing of Oil) oil company. Some 25 international companies responded to the tender launched in three world media outlets in February, but only four- British Petrofac Energy Development International Limited, U.S.-Swiss Refinery Associates of Texas & Anika Enterprises Consortium, Czech Penta Investment Limited registered as an investment fund in Cyprus and Vitol US Ballkan Fund & Euroil sha- presented their bids, the Ministry of Economy, Trade and Energy said in a statement. The U.S.-Swiss consortium gave the best bid with 125 million Euros. It offered not only to buy ARMO with the highest bid but also offered to invest 240.5 million euro to modernise the aging ARMO facilities. “The offer by the American company was considerably better than the three others selected to bid out of 25 who had expressed an interest in buying ARMO”, the statement said. Albanian Deputy Finance Minister, Sherefedin Shehu declared, “We are extremely pleased. We were not expecting that the bids could arrive to these numbers”.
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