Friday, February 08, 2013 11:13 am
Albania consider lower bidder in oil-and-gas sale
The Associated Press
Energy Minister Edmond Haxhinasto said Friday a previously favored bid worth (EURO)850 million ($1.14 billion) from U.S.-Singapore consortium Vetro Energy floundered after it failed to produce a cash deposit,
Albpetrol's new owner will have the right to explore and exploit offshore oil and gas deposits, build a refinery and transport and distribute natural gas in Albania for 25 years.
Albpetrol, based in Patos, 75 miles (120 kilometers) south of the capital Tirana, has valued its assets - six oil fields, four gas fields, 3,000 oil wells out of which around 1,200 are in operation - at about (EURO)320 million ($430 million).