Albania’s year of strategic privatization

TIRANA, March 31 – 2008 has been set aside by the government as the year of the privatization of strategic public corporations.
For privatization efforts, authorities are focused on three of the most important state-owned companies in the energy, oil and insurance sectors.
An international tender has already been issued for the privatization of the power distribution company, the oil refinery ARMO, and the public insurance company INSIG.
The tenders so far received for the privatization of 85 percent of ARMO shares is expected to be assessed by May 21. This tender has already attracted the interest of some 15 international companies. U.S. Patton Boggs company will serve as legal adviser to the Albanian government in evaluating the tenders.
INSIG has been drastically losing its share of the insurance market during the last decade due to increased competition. In 2003, the government sold 40 percent of its shares to the International Financial Corporation of the World Bank and the European Bank for Reconstruction and Development. Now INSIG will seek to become fully privatized. (Tirana Times Staff)