Albania hopes to complete Albpetrol’s sale by end-2011.

By bne IntelliNews February 9, 2011
The government plans to finalise the privatisation of oil producer Albpetrol in 2011, Albanian Daily News reported. The state hired in June 2010 Washington-based law firm Patton Boggs as an advisor on the oil firms sale. Patton Boggs is expected to present its report in the first half of this year. We remind that the government was initially planning to privatise Albpetrol by the end of last year, but the sale was delayed due to weak investors interest. In an earlier statement, Jude Kearney, chair of Patton Boggs international business practice group, said the privatisation of Albpetrol presents some challenges to the buyer due to the companys difficult financial situation, debts, and lack of market where to sell its product.

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