Canadas APIC Petroleum Corporation eyes purchase of Albanias Albpetrol.

By bne IntelliNews February 2, 2012
Canadian APIC Petroleum Corporation said it plans to participate in a tender procedure for the privatisation of Albanian oil producer Albpetrol. APIC has already signed a memorandum of understanding with an Albanian business partner, seeking to secure a meaningful participation in this process, it said in a statement, published on Toronto Stock Exchanges website. The Canadian enterprise will develop its energy project in Albania in partnership with Paris-based Green Power 2020 SAS. APIC also plans to raise CAD 3.2mn in private placement in order to finance evaluation of Albpetrol's assets and other energy focused projects. The privatisation process for 100% of the Albanian oil producer is expected to be completed by November 2012, the statement added. As noted, the company produced 427,000 tonnes of oil in H1 2011, while the annual production in full-2011 is estimated to reach 870,000 tonnes.

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