It's a shame that the internet is a virtual medium, because there are a lot of people out there that I'd like to express my deep feelings of friendship to, and having spent the last two years here in Serbia, I'd like to do it in a truly Serbian way.
Albania Refinery Sale to Pay Debt, Highway
| 26 May 2008 |
Tirana _ The Albanian government announced on Monday that the €125 million to be raised from the sale of the country’s only oil refinery, ARMO, will be used to pay foreign debt and construction work on the Albania-Kosovo highway.
Deputy Minister of Finance Sherfedin Shehu told reporters that the sale price will be included in this year’s supplementary budget.
A US and Swiss consortium headed by Texas Refinery Associates last week won the tender that will grant it a controlling stake in ARMO.
Albania’s centre-right government is planning an important round of privatizations in 2008. This will end public ownership of the major assets still controlled by the state.
In addition to ARMO, the distribution branch of Albania’s power utility, KESH, and the state-owned insurer, INSIG, will all be sold off later this year, according to the privatisation plan presented by Prime Minister Sali Berisha.
The International Monetary Fund recently issued a strong warning to the Albanian government over a looming budget shortfall.
Cost overruns on the Albania-Kosovo highway and the precarious financial situation of KESH, which is dependent on state subsidies, have significantly increased government expenditures.
The highway represents the country’s largest public works project in two decades; it will link the Albanian port of Durres with the Kosovo border. Cost estimates run at around €600 million.
A US and Swiss consortium headed by Texas Refinery Associates last week won the tender that will grant it a controlling stake in ARMO.
Albania’s centre-right government is planning an important round of privatizations in 2008. This will end public ownership of the major assets still controlled by the state.
In addition to ARMO, the distribution branch of Albania’s power utility, KESH, and the state-owned insurer, INSIG, will all be sold off later this year, according to the privatisation plan presented by Prime Minister Sali Berisha.
The International Monetary Fund recently issued a strong warning to the Albanian government over a looming budget shortfall.
Cost overruns on the Albania-Kosovo highway and the precarious financial situation of KESH, which is dependent on state subsidies, have significantly increased government expenditures.
The highway represents the country’s largest public works project in two decades; it will link the Albanian port of Durres with the Kosovo border. Cost estimates run at around €600 million.
