TIRANA, Oct.16 – A Greek-Swiss consortium has expressed significant interest in investing in the oil industry in Albania during a meeting with Prime Minister Sali Berisha. The consortium is formed by the companies LYNX and RIXO and is interested in production and refinement of oil. The Prime Minister has presented them with the ongoing procedures of ARMO privatization, the sale of the state owned oil producing and processing unit.
The first company that has expressed interest for ARMO is “Bankers Petroleum”. In an official press release issued by the Council of Ministers, the project presented by the consortium includes the expansion and improvement of existing structures as well as new investments that would make the cycle of oil refinement and sub products complete. The prime minister, after explaining some of the details of the oil industry developments, has encouraged the consortium to participate in the regular sale tender that will be organized for the privatization of this company.
Privatization
The ARMO company is actually undergoing a privatization process. Though Economy Minister Ruli had declared that the final date of the privatization of ARMO would be the end of 2008, internal sources in the company say that it might be completed within the first quarter of 2008. The American company, Pattom Bogs, recruited by the Albanian administration to perform counseling on the process, will have its results by the end of November of this year, which will then launch the bid. March of 2008 can be a feasible time for announcing the winner. The Finance and Economy ministries claim that the company is worth some $100 million. The Canadian-based Bankers Petroleum, which currently has a concession at the Patos-Marinza site, has expressed its interest in this bid.
