Last month, the Albanian government cancelled a concessionary agreement
for seeking oil and gas, while the other part of this agreement, Sky
Petroleum Company, considers this decision as unilateral and asks the
Albanian government a compensation of 1 billion USD, according to
“Shqip” newspaper.
The news came after the company and the Albanian National Agency of Natural Resources released the respective declarations.
The Sky Petroleum Company from Texas, US, is a penny company that trades the shares on market for 12 cent. They have issued 60 million shares and the current price of the entire company is a few million USD.
The agreement was signed by the then Minister of Economy, Trade and Energy, Dritan Prifti, and it was also published on the Official Book. This is one of the many agreements that our government has signed with phantom companies that mostly serve for short term speculations, after trying to use the millions of USD that the international investors pay for seeking new resources.
The National Agency of Natural Resources declared that the Company had not fulfilled the contractual obligations by not completing the minimal working schedule three months after the agreement was signed, but Sky Petroleum declared that they had not violated the agreement and that the Albanian government has taken an unilateral action.
“Session 24.2 (a) of the concession agreement obliges the National Agency of Natural Resources to announce the termination of the agreement 120 days before applying it, and it will be applied only if the company will not have fulfilled the conditions in the meantime”, the company says.
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