Tirana- The Albanian government on Wednesday sold a 76 per cent stake of its OSSH power distributor to the Czech energy group CEZ for 129 million dollars.

Albanian Economy minister Genc Ruil said that the privatization of OSSH will improve the energy sector in the country.

"This is an important strategic decision of our government which will guarantee more stability," Ruil told reporters after the transfer of the government stakes in the OSSH.

CEZ won an international tender for the privatization of OSSH last year.

Albania faces electricity shortages and blackouts frequently due to its outdated energy distribution system. (dpa)