Albania puts oil areas “on sale”. Rama: Albpetrol cannot operate anymore like this

“This will be the year when the delayed process of the State Company “Albpetrol” will be finalized. There is a financial evaluation undergoing and there are privatization documents with the assistance of international institutions. The government will take all the rights that are enjoyed today by Albpetrol, as inertia of a logn gone past, and Albpetrol will be separated from the free oil blocks, which will be made available to investors”, Rama declared.

The Prime Minister said that for the government, Albpetrol is a hybrid that cannot resist to the time. But it remains a valuable asset. He guaranteed that the privatization process will be a honest race for all the involved actors.

As for the potential that Albania offers in the oil extraction process, the Minister of Energy, Damian Gjiknuri, declared that Albania has 13 free blocks that are ready to be exploited by the interested investors.

“The Ministry of Energy will start the procedures for giving the first three blocks to interested companies through competitive procedures that have been negotiated, and by targeting the most serious companies that may handle the research investments in Albania. The government should also check the free maritime blocks in order to prepare the database for realizing the auction of the free blocks in the sea”, Gjiknuri declared.

According to the Ministry of Energy, the production of the crude oil during 2014 has increased from 1.2 to 1.4 million tons, but the possibilities that Albania offers are bigger.

Early geological studies suggest that the oil and gas reserves in Albania mount up to 300 million tons, 40 of which can be extracted with ease.

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