Albpetrol privatisation: Vetro Energy tender annulled in 2013
Status: Tender annulled in February 2013. No criminal case found in the sources reviewed.
Summary
The 2012 tender to sell the state oil company Albpetrol was won by Vetro Energy, a consortium with an offer reported at EUR 850 million. Rezart Taci is reported to own 51% of Vetro Energy, a stake reportedly revealed only after the award (Wikipedia; search summaries). Vetro had to pay a 20% guarantee of EUR 170 million. The government invalidated the bid on 8 February 2013 after the consortium missed the down payment (SeeNews headline on the guarantee failure; Oilprice). Some Albanian outlets reported that the guarantee was later paid, but the deal was cancelled. Oilprice's headline attributes the annulment to corruption; the sources reviewed describe the process as opaque and criticised by all sides, with no criminal finding found.
Key facts
- Vetro Energy offer reported at EUR 850m, more than twice the second-highest bid (search summary).
- Required down payment of EUR 170m (20%) not met within the deadline; bid invalidated 8 February 2013 (search summary).
- A later Albpetrol round tried to sell the company for 100%, then the government re-launched privatisation in 2015-16 (search summaries).
The record
Four lists kept apart on purpose: what is established, what is only alleged, what is still open, and what those concerned said.
What is proven (1)
Established by documents or official records, as stated in the research. A recorded charge or indictment proves only that the accusation was made.
- The bid was invalidated after the consortium did not pay the required guarantee (SeeNews headline; government decision as reported).
What is alleged (1)
Accusations, not findings. Those accused are presumed innocent.
- AllegationCorruption or favouritism in the award. Not established in sources reviewed.
Allegations and who made them (1)
Each line is an allegation as recorded, with the person or body that made it where the record names them.
- AllegationOilprice headline: corruption led to the Albpetrol privatisation annulment (opinion-style source; no official finding).
Open questions (2)
- Whether SPAK or the prosecution ever investigated the 2012 tender (not found).
- Primary text of the 2013 government decision and the 2012 tender documents.
Responses (1)
Responses of the people and organisations concerned, as recorded.
- Government/Ministry: the Ministry explained the failure of Vetro's deal (Top Channel headline 'Albpetrol, Ministry: why Vetro failed'; text not retrieved). Vetro/Taci response: not found.
Figures
Money trail →Vetro Energy offer for Albpetrol
€850,000,000
tenderSource label: Officially reportedStated definition: Offer, not a completed payment. Figure from search summaries (Tirana Times and Top Channel coverage); not confirmed on an opened page.
Date: Oct 2012 · Payer: Vetro Energy (consortium) · Payee: Albanian state (seller)
- Vetro Energy fails to put down guarantee for Albpetrol deal, econ min (opens in a new tab)SeeNews · Feb 2013 · journalism · EN
Required 20% contract guarantee (down payment)
€170,000,000
otherSource label: Officially reportedStated definition: 20% of the EUR 850m bid per search summary. Reports conflict on whether it was paid; the government invalidated the bid on 8 Feb 2013 after the deadline passed.
Date: 8 Feb 2013 · Payer: Vetro Energy · Payee: Albanian state
- Vetro Energy fails to put down guarantee for Albpetrol deal, econ min (opens in a new tab)SeeNews · Feb 2013 · journalism · EN
Timeline
Full timeline →Government
Government invalidates Vetro Energy bid for Albpetrol
After the consortium failed to pay the required EUR 170m guarantee on time, the government invalidated the bid (search summary; SeeNews headline).
Sources for this record
Every source the research cites for this record, grouped by its source label. 4 sources.
Source label: Officially reportedOfficially reported · 4 sources
- Publisher
- SeeNews
- Date
- Feb 2013
- Publisher
- Oilprice.com
- Date
- unknown
- Publisher
- Wikipedia
- Date
- unknown
- Publisher
- Top Channel
- Date
- unknown