TIRANA, Albania (AP) — Authorities in Albania say they are considering a €298 million ($402 million) bid from China-based Win Business Petroleum Group Ltd. for the sale of the state-owned Albpetrol oil company.

Energy Minister Edmond Haxhinasto said Friday a previously favored bid worth €850 million ($1.14 billion) from U.S.-Singapore consortium Vetro Energy floundered after it failed to produce a cash deposit,

Albpetrol's new owner will have the right to explore and exploit offshore oil and gas deposits, build a refinery and transport and distribute natural gas in Albania for 25 years.

Albpetrol, based in Patos, 75 miles (120 kilometers) south of the capital Tirana, has valued its assets — six oil fields, four gas fields, 3,000 oil wells out of which around 1,200 are in operation — at about €320 million ($430 million).