February 22 (SeeNews) - No one has submitted bids for Albanian oil refiner ARMO's refinery in the town of Fier at the auction held on February 19, local business magazine Monitor reported.
On February 10, the refinery and the belonging land were put up for sale by ARMO's law firm EPSA in order to settle up a 2.8 billion leks ($22.4 million/20.3 million euro) debt to Raiffeisen bank.
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The company told Monitor the only interest shown was a phone call from abroad asking for more details.
The refinery will be offered at a second auction, whose date is still unclear. According to the Albanian law, at the second auction bidding could start only at half of the initial price, announced at the first auction, Monitor added.
ARMO possesses two refineries - one in Fier and another one in Ballsh. The company has debts of about $267 million, of which $209 million are to several foreign and local banks, while the rest is to Albania's tax administration, Monitor said. The Ballsh refinery is closed and does not function, while the Fier refinery is still profitable.
($=125.149 Albanian leks)
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