TIRANA, June 9 – The ARMO oil company has been awarded to the U.S.-Swiss consortium, Refinery Associates of Texas, Anika Enterprises and Mercuria Energy Group Ltd. The Monday announcement said the international tender of the group had been accepted by the Albanian Economy, Trade and Energy Ministry for the sale of 85 percent of its state-run ARMO oil company.
The winning bid was 125 million Euros and will be followed with negotiations on contract terms with the government.
After that, the parliament has to ratify the agreement.
The consortium said they would make a significant investment in the country, declining to specify figures or other details.
Albania had short-listed four bids, with Vitol US Balkan Fund & Euroil sha of Albania offering 97 million Euros and Petrofac Energy Development International Ltd. of Britain with 29.1 million Euros while the Czech company, Penta Investment Ltd., was eliminated from the bidding.
ARMO’s assets include two refineries, a research center, 11 depots and a network of gas stations, which it says are worth 109 million Euros.(Tirana Times Staff)
U.S.-Swiss corporation wins oil refinery tender
Change font size:
Latest from Business & Economy
Building a Trusted Health Tourism Ecosystem: Albania’s Next Competitive Advantage
Change font size: - + Reset by Professor Alaa Garad Tirana Times, March 17, 2026 – There are countries you visit, and there are countries you remember. Albania is rapidly becoming the
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