TIRANA (Albania), January 19 (SeeNews) – A bitumen factory of Albania's indebted oil refiner ARMO has been sold to AL.Global Oil for $5 million (4 million euro) to repay debt owed to state-owned oil company Albpetrol by ARMO, according to a notice filed with the country's business registration office (QKR).
The bitumen factory of ARMO’s Fier oil refinery was sold at an auction last week, according to the notice.
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ARMO's outstanding debt totalled 13.2 billion leks ($117.3 million/98.7 million euro) at the end of September 2017, according to local business news provider Monitor.
($ = 0.81818 euro)