Albpetrol

By Nicholas Watson of bne

The Albanian government has cancelled the winning bid from a consortium headed by a local businessman in the tender for state oil firm Albpetrol after it failed to come up with a down payment.

The decision ends what was rapidly becoming a national embarrassment for Albania, at a time when it is trying to convince the EU it is raising transparency standards. But, serious questions remain about the conduct of the winner of the tender, local tycoon Rezart Taci’s Vetro Energy, and of the government. Read more

By Phil Cain of bne

The Albanian government looks on course to complete the $850m sale of state oil company Albpetrol by its December 3 deadline.

Vetro Energy, a US-run consortium controlled by an Albanian businessman seen as an ally of the prime minister, has finalised the financing needed for the ground-breaking privatisation. Read more