Albania’s state-owned oil producer Albpetrol has awarded a crude oil sales contract to domestic companies Europetrol Durres and Bitex Refinery following an auction held earlier this month. The two companies submitted a joint offer in the October 8 auction and were selected as the successful buyers. The published account contains a volume discrepancy: its headline refers to 100,400 tonnes, while the article body states that the contracted volume is 101,400 tonnes.
Europetrol Durres is active in fuel trading, while Bitex Refinery operates in petroleum refining. The award gives domestic buyers access to a significant volume of locally produced crude. To complete the transaction, the consortium must provide a financial guarantee of about €6.14 million, equal to 10% of the estimated contract value.
Pricing and delivery terms
Albpetrol did not set a fixed headline price for the crude. The tender established a minimum price equal to 77.51% of the Brent benchmark, with additional transaction-related costs included under its terms. The contract’s final value will therefore fluctuate with international crude prices.
Deliveries may take place over a period of up to 12 months from the first collection date, allowing the buyers to receive the crude in stages rather than take the full volume at once. Regional refiners and fuel traders remain exposed to volatile international oil prices, logistics costs and changing supply routes. The tender gives Albpetrol a structured outlet for its production while retaining direct exposure to Brent through the pricing formula.
