U.S.-Swiss corporation wins oil refinery tender

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)