Battle with oil concessionaries, 500 million USD unjustified
15/09/2015 15:10
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The National Agency of Natural Resources claims that the concessionary
companies exploiting the Albanian oil have reported unjustified expenses
equal to 4% of the GDP only for 2011.
“We have verified a figure mountin up to 500 million USD. This is related to the spending that companies have made irregularly and non transparently”, says Dael Dervishi, Chairman of the National Agency of Natural Resources.
The Director of the agency says they are auditing the balances of 2012 and 2013, which could show even bigger figures. But how will they act for these financial claims?
“If parties don’t agree with each other, we will have an independent expert resolving our disagreements. If we will not agree, we will go to international arbitrage”, Dervishi declared.
The Albanian oil industry has been given to foreign companies through concession. The government has profited only from the royalty taxes, without taking any tax on profit. The Director of the Natural Resources Agency says the problem lies at the concessionary agreements.
“The anomaly comes from the from the way how agreements were drafted. The agreements don’t create transparency, so that the mechanisms can realize their spending. This is the key issue”, he explained.
To end this situation, the Natural Resources Agency says they will negotiate a new type of concessionary agreement, or as it is known technically, a new economic model.
“This new economic model will increase the profits for the Albanian government. This new economic model that will be used with the new companies, will be exported to companies that currently operate in Albania”, he added.
The debate has strong financial consequences for the state budget. If 500 million USD will not be recognized as costs, some of them will be forced to pay the 50% tax on profit.
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