Vetro Energy fails to put down guarantee for Albpetrol deal – econ min

In October, Chicago-based Vetro Energy, majority-owned by Albanian businessman Rezart Taci, won the tender for the sale of Albpetrol with an offer of 850 million euro ($1.1 billion).

Vetro Energy failed to file by December 3 the required guarantee with a value equal to 20% of that of the sale contract, the ministry said in a statement on its website on Monday, quoting deputy minister Sokol Dervishaj.

If Vetro Energy provides the guarantee over the following days, having in mind the great importance of Albpetrol's privatisation, the ministry will show flexibility in considering reopening the negotiations, Dervishaj said.

($=0.7715 euro)