TIRANA, Albania, November 22, 2012 /PRNewswire/ --
The majority shareholder of Vetro Energy, Mr. Rezart Taci, confirmed today that his group has finalised financing and investment of capital for the 850 million Euro deal to privatize Albania's oil reserves, through the state owned oil and gas firm Albpetrol. Vetro Energy is currently in negotiations with the Government of Albania to purchase 100% of Albpetrol shares. When complete, the deal will be one of the largest ever corporate transactions in Balkan history.In size, the deal is equivalent to just under 10% of Albania's Gross Domestic Product.
Mr. Taci confirmed discussions with the Albanian government are at an advanced stage, commenting "I am confident that the share purchase agreement with the Albanian government for the purchase of Albpetrol will be complete and successful in the very near future, as we are keen to move forward with this project and invest in Albania's future. Great progress between both parties has been made, but there is still a great deal of work ahead for both sides." Vetro Energy stands to secure all Albpetrol's above-ground assets and the right to explore and develop oil and gas in Albanian territory.
Vetro Energy plans to establish the only fully integrated oil and gas platform in Albania which will serve local, regional and international energy markets and establish Albania as an international energy hub in South East Europe. With the opportunities of onshore and offshore exploration and development and natural gas transmission development, Vetro Energy will invest in technology, the environment and surrounding communities. As a result of the deal, Albania could once again become self sufficient over the next 3-5 years by eliminating the need for oil exports. The Patos-Marinza field alone is the largest onshore oilfield in continental Europe with 169 million barrels of proven reserves.
Notes to editors:
- Vetro Energy is a consortium of YPO (the Taci Group) and Silk Road Equity.
- Albpetrol is the national oil and gas company of Albania, currently owned by the Albanian Government. The only shareholder is the Ministry of Economy, Trade and Energy. It is headquartered in Patos, Albania.
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