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US, Swiss investors buy Albanian oil refiner

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)