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Progress on the Privatisation of Albania's State Oil and Gas Company, Albpetrol

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."

About

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


SOURCE Vetro Energy

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Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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