US Patton Boggs selected as consultant for Albpetrol’s sale

TIRANA, June 11 – The Economy and Energy Ministry has selected Patton Boggs Llp, a US based company as the international consultant for the sale of state-owned oil company Albpetrol.
The US company which also served as consultant for the privatization of oil refinery ARMO, has been given a deadline of six months to assess the company and decide on the method of privatization.
Plattons Boggs, which has signed a 25 million lek (240,000 dollars) contract will also be responsible for the international marketing of Albpetrol’s sale.
The state-owned oil production company which is under a privatization process posted a 2 million dollar profit in the first four months of this year, the Economy and Energy Ministry has said.
The good financial performance allowed Albpetrol to pay off 8.1 million dollars it owed to state institutions in taxes and bills.