Albania has sold state-owned oil refiner ARMO to US and Swiss investors for 128 million euros, the government said Wednesday. Refinery Associates of Texas and Swiss-based Anika Enterprises and Mercuria Energy Group made the winning bid, Prime Minister Sali Berisha said. With the sale, the consortium will hold 85 per cent of AMRO's shares. ARMO operates refineries at Ballsh and Fier as well as a network of petrol stations in Albania. Other bidders were independent trader Vitol and British-based Petrofac. Berisha called the sale "one of the best and successful" privatizations since communism fell in Albania.
