US, Swiss investors buy Albanian oil refiner

Deals

Albania has sold state-owned oil refiner ARMO to US and Swiss investors for €128 million ($198 million), the government said Wednesday.

Refinery Associates of Texas and Swiss-based Anika Enterprises and Mercuria Energy Group made the winning bid, Prime Minister Sali Berisha said. With the sale, the consortium will hold 85% of AMRO’s shares. ARMO operates refineries at Ballsh and Fier as well as a network of petrol stations in Albania. Other bidders were independent trader Vitol and British-based Petrofac. Berisha called the sale “one of the best and successful” privatizations since communism fell in Albania. (m&c.com)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry