|By PR Newswire||
|December 11, 2012 01:50 AM EST||
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."
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.
Project Associates - +44(0)207-432-3216
- "All It Took Was One E-Mail to Larry," Says Former eBay Research Director As He Moves to Google
- Google Ramps Up Its Mobile Reach: Launches "Mobile Web Search"
- Ericsson + Napster = World's First "Wireless Digital Music" Brand
- VoIP Update: Yahoo! Buys DialPad
- Free Guest Passes for the SOA World Conference & Expo in NYC
- SYS-CON i-Technology Podcast August 30, 2005
- A Flair for Food - Health-Conscious Cooking Is This Chef's Cup Of Tea
- Sony PSP May Feature Porn
- Kapow Helps Seiko UK, Provides SMS Text-Alert Services
- South Korea is World's Largest Phisher