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GOMG Holdings completes sale of stake in Albanian oil refinery

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Hydrocarbon Engineering,

The owners of GOMG Holdings Ltd, Mr. Sargeant and Mr. Abu Naba'a, have announced the final sale of their minority interest in the oil refinery in Ballsh, Albania to their local Albanian partners, Ionian Refining and Trading Co. (IRTC), finalising a process that started before June 2017.

Mr. Sargeant and Mr. Abu Naba'a took ownership of the refinery in November 2016. By May 2017, with the cooperation of the Ministry of Energy and Industry and Bankers Petroleum, the refinery was running at full capacity; almost all crude oil produced in Albania was being processed at Ballsh.

Since then, and with the signing of the binding Memorandum of Understanding to sell their interest, Mr. Sargeant and Mr. Abu Naba'a have not been involved in any IRTC management or board decisions, and day to day control has been with IRTC. The buyout now fully aligns ownership of the Ballsh refinery with operating control.

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