Tirana’s Court decided to freeze ARMO’s bank accounts in all private banks in country, a total amount of 24.5 ml EUR. This is equal at the dept ARMO company has not paid yet to Albpetrol state owned company.
On August 11, the “TDR Group” bailiff association ordered the seizure of all stocks owned by ARMO company. Upon this decision, ARMO was ordered to block the selling of stocks and the alienation of its activity. One day later, another ruling was issued by Taxation Office of the Mallakaster commune, according to which all the necessary measures had been taken to execute the rule of the “TDR Group” bailiff association.
ARMO (Albanian Refining and Marketing Oil Sh.a.) established in 1999 by the Albanian government as a state owned company and privatized in 2008. Currently, the company operates with two refineries which have a capacity of 1.5 million tons of production per year and the total storage capacity is 220,000 cubic meters.