Albania vows to rescue privatization of state oil company Albpetrol, diversify energy market

MarketsAssociated Press

Albania's prime minister says his government is determined to conclude the troubled privatization of state oil company Albpetrol by the end of the year, in an appeal to investors to seek opportunities in the country's energy market.

Edi Rama told an energy conference that his 18-month-old Socialist government preferred to act as regulator instead of outright owner of power infrastructure and oil and gas projects.

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Albania, currently reliant on hydroelectric power for nearly all its electricity needs, is seeking to diversify its energy sector as part of an effort to modernize its economy and further its bid for European Union membership.

A previous bid to privatize Albpetrol was canceled in 2013 after the lead bidder failed to meet conditions of the 850 million euro ($905 million) agreement.