Global Leader in International Oil and Gas Industry News

posted in:

Progress on the privatisation of Albania's State Oil and Gas company, Albpetrol

Wednesday, Dec 12, 2012

TIRANA, Albania, December 11, 2012 /PRNewswire/ --

Vetro Energy has confirmed that it has been asked to submit a performance guarantee in connection with its negotiations for the acquisition of Albania's State Oil and Gas company, Albpetrol. The requested guarantee is for 20% of the consideration. Vetro Energy further confirms that, although there is still significant work ahead and a guarantee of this nature is customarily submitted only after a formal contract is signed, it is prepared to provide such a performance guarantee.

Mr. Rezart Taci (http://www.rezarttaci.com), the majority shareholder of Vetro Energy, stated: "We have requested a number of additional documents from the Government, which we require. In response the Government has asked for a performance guarantee, which Vetro Energy is pleased to provide, and will be in place within the next few days.

These are complex discussions and there is a great deal of detail involved. The delay is not entirely surprising in such circumstances, and I am very confident that we will finalize negotiations and reach a successful conclusion."

About

Vetro Energy is a Singapore and Houston, Texas based operating and management company. Vetro Energy targets upstream oil & gas investments worldwide. For more information, please visit: http://www.vetroenergy.com.

Source: Vetro Energy

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Aquaterra Energy wins Premier Oil Catcher Drill Centre Template contract 23-04-2014
Claxton’s camera upgrade puts crane safety in the picture 23-04-2014
Elk acquires the Singleton Unit in Nebraska 23-04-2014
Longreach prepares to drill into target Liassic formation with Kamar-1 well in Morocco 23-04-2014
Chevron unveils PitPack motor oil dispensing system 23-04-2014
Farstad Shipping ASA - charter agreements 23-04-2014
Prysmian, € 30 m contract in Abu Dhabi 23-04-2014
Halliburton to build drilling, testing and training facility in Texas 23-04-2014
SEACON (europe) Ltd Receives A Queen’s Award for Enterprise in International Trade 23-04-2014
EnerJex Resources announces Niobrara operations update and development plans 23-04-2014