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US-Swiss consortium wins tender to buy Albania's ARMO state oil company

US-Swiss consortium wins tender to buy Albania's ARMO state oil company

A U.S.-Swiss consortium won an international tender to buy 85 percent of Albania's state-run ARMO oil company, the government said Monday.
The consortium _ comprising Texas-based Refinery Associates of Texas, and Geneva, Switzerland-based Mercuria Energy Group Ltd. and Anika Enterprises _ bid euro125 million (US$197 million) for the purchase, Albania's Economy, Trade and Energy Ministry said.
A formal contract is expected to be signed later this month.
The other bidders for ARMO were Albania's Vitol US Balkan Fund & Euroil, and Britain's Petrofac Energy Development International Ltd.
ARMO owns two refineries, a research center, 11 depots and a network of gas stations _ which it says are worth euro109 million (US$172 million) in total.


Updated : 2021-07-23 23:23 GMT+08:00