The completion of the TAP pipeline and the Devoll cascade is expected to reduce foreign investments and stop economic growth. But Albania may have another alternative to this situation, and that is Shell, the oil giant.
“A few years ago we made a discovery in Shpirag. The question at that time was if there is enough oil for production. We are in the evaluation phase. We are drilling a new well which will give us a final answer this year. If the results will be positive, we will start with the development phase right away. This means the construction of many wells and the supportive infrastructure”, said Rohan D’Souza, Director of Shell in Albania.
According to the Shell Director in Albania, if the results will be positive, Shpirag could turn into a major investment. However, despite the high optimism, Shell directors remain restrained.
“It is about investing several billions of dollars in a short time. We are very optimistic. This is the reason why we are here and we keep investing. In oil researches you can never be 100% safe”, said the Shell Director.
Due to the lower oil prices, Shell has suspended searches in many countries of the world. In Albania, they keep investing, but they ask the government for more clarity with the fiscal system.
“We have an agreement that defines a given fiscal framework. The tax administration acts based on its law. There is the need to specify which law will be implemented. This is very important for us”, D’Souza said.
Shell is the sixth biggest company in the world. Last year they had a 305 billion USD turnover, 25 times more than the entire GDP of Albania.
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