Taci Finalises Financing Package in one of the Balkans’ Largest Ever Corporate Deals
TIRANA, Albania, November 22, 2012 /PRNewswire/ –
The majority shareholder of Vetro Energy, Mr. Rezart Taci [http://www.rezarttaci.com
], 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
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.
For further information please contact Project Associates: +44-207-321-0773
SOURCE Vetro Energy