Albanias govt approves privatisation plan for oil producer Albpetrol.

By bne IntelliNews October 28, 2011
Albanias government has approved a plan for the sale of state-owned oil producer Albpetrol at a meeting on October 26, 2011, news portal reported. The privatisation will be performed in full compliance with the law for strategic privatization, adopted in 1998. However, no further details were announced. In a related decision the government agreed to pay additional ALL 20mn (EUR 141,300) to US Patton Boggs, which was selected in June 2010 as a consultant on Albpetrols privatisation. Patton Boggs said earlier that the selloff of Albpetrol should be delayed for some time so that it could bring profit to the state. Albpetrols profit almost doubled to USD 1.1mn in the first seven months of 2011 from USD 0.6mn in the same period last year. The company produced 427,000 tonnes of oil in H1 2011, while the annual production in full-2011 is expected to reach 870,000 tonnes. Albania hopes by the end of this year to complete other strategic privatisation deals such as the sale of the remaining 16.77% share in dominant landline operator Albtelecom and insurer INSIG.
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