The value of the contract has not been disclosed.

The contract has been secured from Albanian Refining & Marketing of Oil (ARMO) for the modernization of refineries which are located at Ballsh and Fier.

ARMO intends to modernize the existing refineries in a bid to restore production to the original design capacity and produce transportation fuels in line with current EU regulations.

The study is expected to be completed by mid-2012.

ARMO owns these two refineries which serve both the domestic and the Balkans’ regional markets.

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