“Bankers†buys Albetrol oil wells
02/04/2011 15:20
Opposition demonstrators clash with the police in the protest in front of Tirana municipality, foreign embassies condemn acts of violence 19/04 16:00
Economy Minister Nasip Naço has authorized public company “Albetrol” to transfer the last 140 Patos-Marinza oil wells to the Canadians “Bankers Petroleum” in exchange of 34 million USD.
The signed agreement was initially announced by the Canadian company “Bankers Petroleum” on their official web site, saying that after buying the last “Albpetrol” oil wells, they are the only oil producers in the Patos-Marinza area.
The concessionary agreement signed on 2004 by the Socialist government grants “Bankers Petroleum” the right to receive all “Albpetrol” oil wells in the Patos-Marinza area, providing that this action would be implemented slowly and respecting a certain timeline.
The Canadian company has demanded an acceleration of this process, proposing to the Minister of Economy the immediate acquirement of the 140 remaining “Albetrol” oil wells, offering 34 million dollars.
This agreement was approved by the Minister of Economy, but before it takes effect, an approval from the Council of Ministers is required.
The Canadian shares had a sudden increase of 8% on the stock exchange market, after announcing the monopoly of the richest oil producing area not only in Albania, but in all Europe, with certified reserves that reach 120 million barrels.
Now “Albetrol”, after many years of failed privatization attempts, will hold only the environmental responsibilities in this area, putting to an end a long history of public oil production, one of main exports of the communist Albania.
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