Four firms bid for Albania's ARMO oil refiner

TIRANA Wed May 21, 2008 2:58pm BST

Related Topics

Quotes

   

TIRANA May 21 (Reuters) - UK oil services company Petrofac (PFC.L), U.S.-based Refinery Associates of Texas and Czech-based Penta Investments submitted binding bids for a majority stake in Albania's ARMO refiner, an official said on Wednesday.

Independent trader Vitol also applied, deputy energy minister Neritan Alibali told reporters.

Petrofac had offered 30 million euros ($47.29 million) for the stake and Refinery Associates 129 million, while Penta offered 10 million and Vitol 100 million.

Albania will now consider the offers both in terms of price and investment and business plan, Alibali said, adding the offer price would be the main criterion for ranking the bids.

The government will then negotiate a contract with the top-ranking bidder.

Local reports put the value of the stake at around 100 million euros. ARMO has one refinery at Ballsh, a smaller one at Fier and a small network of fuel stations.

(Reporting by Benet Koleka, editing by William Hardy) (benet.koleka@reuters.com: +355 4 229824/8; Reuters Messaging: benet.koleka.reuters.com@reuters.net)) ($1=.6344 Euro)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.