Albpetrol may be put up for sale
Other companies may follow
The government may put Albpetrol, the national petroleum company, on sale in 6 or 8 months, reports the local press (Shekulli, 23.10.2009). The main reason for the sale could be the mis-management and abuse-schemes in the company, suggests the newspaper, which quotes the new Minister of Economy, Trade and Energetics, Dritan Prifti. According to the Minister, because of such abuse Albpetrol is in a position where it has difficulties in paying wages for its employees.
“We shall ponder on what privatization form is appropriate: concession or complete privatization. … An international consultant will be chosen for the form of privatization, for the modifications of the laws, etc. … The privatization process will be short and will be completed within 6 to 8 months. We shall invite as many companies as possible to take part in the tender”, declared Dritan Prifti, the new Minister of Economy, Trade and Energetics.
The Minister has also warned that the privatization of Albpetrol will be accompanied by some modifications in the agreements on hydrocarbons and that the mineral rent will not be paid to the company, but to the state. If any Albanian companies meet the criteria fixed for the privatization, they will surely be accepted in the tender, assured the Minister.
Privatizations versus a liquidity crunch ?
A number of newspapers and analysts have already warned that facing growing deficits and lowering revenues could form the specter of a liquidity crunch. The government will try to use privatization as a means of overcoming financial difficulties. But all opinions agree that there is not much left to privatize.
Quoted by Shekulli, the new Minister of Economy, Trade and Energetics, Dritan Prifti, asserted that the Albanian government will sell all remaining shares in some of the already privatized companies. But the analysts say there are very few companies where the government has already sold the majority of the shares and owns actually only a minority of shares, and few other companies that the government could privatize.
“We shall soon privatize the remaining part of government-owned shares of Albtelekom, (the Albanian national telephony operator). We are putting into evidence all the companies with government-owned shares. We are making an inventory of suchlike companies with the aim of having them privatized within 4 years. The generation of electric power by KESH (Korporata Elektroenergjetike e Shqip쳩s렭 the national producer, importer or exporter of electric energy) is an exception. There are no discussions with the government on its privatization” declared the Minister of Economy, Trade and Energetics, Dritan Prifti.
During the former mandate of the government headed by Prime Minister Sali Berisha, shares in some major national companies like Albtelekom, AMC, ARMO and OSSH have been sold, reports the press. Albtelekom is the national telephony operator, AMC one of the leading mobile telephony operators in the country, ARMO a leading petroleum company and OSSH the national distributor of electric energy. According to most analysts, these companies and others that may be yet privatized are often companies operating in strategic fields with a large client base, but sometimes offering a lacking service and representing a poor financial balance.
