MOL Expresses Interest to Acquire Majority Stake in ARMO

Hungarian petroleum products firm MOL has expressed its interest in acquiring an 85% stake in the Albanian refiner ARMO, reports Petrol Plaza.

Petrol Plaza reported that the privatization proceeding will commence on May 21, 2008, and the binding contract with the winning bidder will be signed by June 2008.

ARMO operates two refineries and a small network of filling stations that sell motor oil and related petroleum products. The refining firm was split from Albanian petroleum firm Albpetrol before the sale to enhance value, according to the news source.

The Albanian government has prescribed that the potential buyer should be an oil and gas sector company with at least three years of relevant experience, with a share capital of E55 million and have certifications of international production standards, reports Petrol Plaza.