TIRANA, Sep 3 – The Albanian government approved a contract for the sale of 85 percent of the Albanian ARMO state oil company after negotiating terms with a U.S.-Swiss consortium in a deal worth 128.75 million Euros.
The consortium, comprising Texas-based Refinery Associates of Texas, and Geneva, Switzerland-based Mercuria Energy Group Ltd. and Anika Enterprises, won the international tender in June and held negotiations on terms for the sale.
Based on the contract signed Friday, the consortium would invest US$240 million over the next five years, including US$50 million for environmental protection, over the first three years.
ARMO owns two refineries, a research center, 11 depots and a network of gas stations, which it says were worth, in total, 109 million Euros.
Prime Minister Sali Berisha also said authorities had prevented illegal interference by some officials trying to prevent the sale after receiving payments, saying they received the proper response.
Now the contract will be ratified by the parliament.
Government approves contract for sale of ARMO state oil company
Change font size:
Latest from Business & Economy
Behind Albania’s Collapsing Roads: Clientelism and Corruption
Change font size: - + Reset Tirana Times, February 12 2026 – The rapid deterioration of newly inaugurated roads and tunnels across Albania has exposed far more than technical shortcomings. What authorities
The Kurum Case and the Collapse of Environmental Oversight in Albania
Change font size: - + Reset Tirana Times, 08 February 2026 – The Kurum waste file has exposed one of the most serious environmental and governance scandals in Albania in recent years,
Ivanka Trump Visit Reignites Property Dispute in Zvërnec
Change font size: - + Reset Plans by relatives of U.S. President Donald Trump to build a luxury resort in the scenic coastal area of Zvërnec have sidelined local residents and their
Albania’s Fiscal Peace Sparks Concern
Change font size: - + Reset Critics warn of deepening inequality, impunity and potential money-laundering exposure. Tirana Times, January 16,2025 – Albania’s newly adopted “fiscal peace” package framed by the government as
Albanian Banks Brace for Rising Bad Loans
Change font size: - + Reset Tirana Times, January 15, 2026 – Albania’s banking sector enters 2026 with growing caution, as banks operating in the country anticipate an increase in non performing