TIRANA: US-based consortium Vetro Silk Road Equity has offered 850 million euros ($1.07 billion) for Albanian state oil company Albpetrol, the economy and energy ministry said in a statement Friday.
Beside Vetro Silk Road Equity — a Chicago-based private investment fund whose offer equals 10 percent of Albania's GDP — four other companies have bid for Albpetrol at the tender launched by the Albanian government.
The second biggest offer came from international consortium Amber Shine, at 790 million euros. Bankers Petroleum Canada offered 304 million euros, Chinese Business Win 298 million euros and JSC Gazprom Neft 52 million euros.
"The administrative commission in charge of the sale will examine the offers and announce the decision in the coming days," the deputy economy and energy minister, Sokol Dervishaj, told reporters.
Albpetrol is based in Patos, 120 kilometers (70 miles) south of Tirana.
The successful bidder will obtain all of Albpetrol's above-ground assets, including oil and gas fields, with an estimated value of 322 million euros, and the right to explore and exploit oil and gas in Albanian territory for 25 years, the government has said.
Albpetrol produces at least 135,000 tons of oil per year and employs some 4,000 people.
To boost the sale price, the government has given Albpetrol the right to build a refinery and licenses to transport and distribute natural gas.
US group offers $ 1 bn for Albanian oil company
