Fier Refinery sold, while ARMO keeps the Ballsh Refinery and its debts
19/01/2018 21:12
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A group of operators in the fuel market have bought the smallest refinery owned by ARMO, the one in Fier, the only one that can give a profit due to the production of bitumen, a much-requested material for the construction industry. But this sale changes nothing with the debt that ARMO has accumulated to the state.
The Fier refinery was sold through a bailiff auction, on account of a private bank. The refinery was bought for 5 million USD from AL Global, which includes the bigger gas station companies in Albania, such as Kastrati and Europetrol.
The Fier refinery produces only bitumen, which is in high demand on the construction market. The new buyers said for Top Channel that the Fier refinery will be working full capacity within the next year, mainly for export.
This refinery had been pledged by Rezart Taci to a private bank for 20 million EUR. The banks seized it and tried to sell it several times, without success, although tht price was reduced from 20 to 5 million EUR.
Finally, the bank agreed to lease the refinery to TPD Drilling, connected to businessman Besnik Sula, which operated it for several months.
In 2016, the same group took the ARMO refinery in Ballsh, through the IRTC Company, with an agreement that also received government blessing. But the small refinery of Fier was closed at this moment.
As for the Albanian government, nothing changed because it was a property belonging to the bank. The hundred million EUR debt ARMO has created to the government since it was founded belong to the Ballsh refinery and the companies that exploited it, from Rezart Taci to the Azeri and now Besnik Sulaj.
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