TIRANA, Aug. 23 (Xinhua) -- Albania has signed a contract with a U.S.-based consortium for the sale of Albania's only oil refinery, the Albanian government announced on Saturday.

    The U.S.-Swiss consortium Refinery Associates of Texas & Anika Enterprises will have a stake of an 85 percent in ARMO at 125 million euros (195 million U.S. dollars).

    ARMO has two refineries, a research center, 11 depots and a network of gas stations, with a total worth of 109 million euros (170 million U.S. dollars).

    The Albanian government is planning a big round of privatization in 2008, The distribution branch of Albania's power utility, KESH, and the state-owned insurer, INSIG, will also be sold off later this year.

    In 2007, Albania sold a majority stake in its land line telephone company, Albtelekom, to a Turkish consortium led by Calik Enerji, for 120 million euros (190 million U.S. dollars).