Albania, U.S.- Swiss Consortium Sign Oil Refinery ARMO Sale Contract Worth 129 Mln Euro

The consortium is made of U.S.-based Refinery Associates of Texas and Swiss-based companies Anika Enterprises and Mercuria Energy Group.

The new owner is to invest $240 million euro in the company in the next five years, the energy ministry said in a statement.

Under the deal the new owner cannot sell its stake without the energy ministry's nod in the next five years, the statement said.

In June Albania’s government endorsed the deal after the U.S.- Swiss consortium was ranked first in a tender for the majority stake in ARMO.

ARMO, which was 100% state-owned, is headquartered in Fier, in southern Albania. It runs two refineries - one in Fier and another in nearby Ballsh - which have a combined processing capacity of 1.5 million tonnes of crude oil per year. It also has its own retail network.

($=0.78 euro)