“Albpetrol, unprecedented sale of public assets”

“This law sells 100% of the Company assets and also the right to exploit the oil sources under the Albpetrol administration. These rights will not belong to a public company, but a private one. This is the first time that it happens in the 100 years of the Albanian state”, Brace declared.

Opposition presents Socialist proposition for the sale formula

“A temporary delegation of the rights for 25 years, not a definitive sale; conditions for strategic investments, in this strategic sector that is the only source in Europe; sharing the oil and gas profits that will derive from the underground extractions; taxes to 50% of the profit from this activity in these 25 years of exploitation of our national wealth”, Brace declared.

According to the Socialists, the government has left unexplained the way how the employees will be compensated after the privatization.

“A percentage of the shares to be sold with treasury bonds, and a percentage of the shares for these workers, but the law have nothing. The 2500 current workers of Albpetrol will be fired and obviously, the Council of Ministers has to think about this. But we have no such information”, Brace declared.

According to the Socialists, the privatization of Albpetrol is the last destruction step that the government is undertaking for the oil and gas sector in Albania, which is being made for political reasons.

“This sector has been ruined in the last 7 years, without any remedy chances”, Brace declared.

Albpetrol is the last strategic company that has remained for the public. The company currently owns 1264 of the active wells that produce around 135.000 tons each year.

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