Albania has sold its state-owned Albpetrol oil company for €850 million ($1.1 billion) to the U.S.- and Singapore-based Vetro Energy consortium.

Prime Minister Sali Berisha says the deal will also allow Vetro Energy to explore and exploit offshore oil and gas fields, build a refinery, and transport and distribute natural gas in Albania for 25 years.

The agreement was announced Wednesday following a bidding process.

Albpetrol, based in Patos, 75 miles (120 kilometers) south of the capital Tirana, has valued its assets at about €320 million. These assets include six oil fields, four gas fields, and 3,000 oil wells out of which around 1,200 are in operation.