100% of Albpetrol shares on sale
02/11/2011 00:00
Linda Rama: Between Family, Work and Albania’s Future 18/08 14:30
The government has sent in Parliament the special law for the
privatization of Albpetrol. The draft that is expected to be reviewed
next week, different to the other strategic privatizations, predicts a
100% sale of the shares of the only public company for oil production in
the country.
Currently, Albpetrol owns 1264 active wells that produce 135.000 tons of oil per year. The draft presented by the government explains how will be used the money that will be taken from the sale of Albpetrol.
The privatization process for Albpetrol has started since the time of the Socialist government, but these efforts have failed many times. This time, the government has been consulted with Paton Bogs and has decided to sell 100% of the shares.
Albpetrol is not the only company that exploits the oil wells in Albania. Besides them there are other private companies, such as Bankers Petroleum and the Stream Oil. Some of the concessionary agreements for exploiting the oil reserves have been targeted by the opposition for raising accusations of corruptive affairs.
Reward for sale consulates
The draft presented by the government for the sale of Albpetrol predicts in details how the money of this sale will be spent.
The government has also assigned a financial reward for the Paton Bogs Company that leads the legal advises for the sale of Albpetrol, but this is not the first payment that this company has taken from the Albanian Government for the privatization of this enterprise.
Initially, when the Agreement was signed on July 2010, Patos Bogs received 25 million ALL, or 250.000 USD. To this payment was added an additional fund. One week earlier, the government approved another decision that added other 20 million ALL for Paton Bogs, or 200.000 USD, which are being handled by the government’s reserve fund.
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