Inter-ministerial Group to Restructure "Albpetrol"

A new model for hydrocarbon deals where the state gets more benefits and this sector is developed according to the best European standards has turned into a key priority of government policies

TIRANA - An inter-ministerial group has begun reviewing the restructuring of the state-owned oil production and extraction company "Albpetrol" in order to reduce the cost (money received from the state budget) and increase the efficiency of the benefits, the Ministry of Infrastructure and Energy (MEI) announced Wednesday.  Albania is very rich in hydrocarbon resources so it can benefit more of them. In this context, a new model for hydrocarbon deals where the state gets more benefits and this sector is developed according to the best European standards has turned into a key priority of government policies.
The Ministry of Infrastructure and Energy said that it is working with the Ministry of Finance and with international assistance for a more stable and fair model, to impose a simpler fiscal system that serves the growth of income in the Albanian economy. Albpetrolsh.a.is a 100% joint stock company owned by the Albanian state, with its headquarters in the city of Patos, Fier district. The main role of the company is the production and marketing of petroleum products and the monitoring of Hydrocarbons Agreements. "Albpetrolsh.a" controls the bulk of oil sources and oil deposits in the country. Starting from 2004, the existing crude oil and natural gas sources, as well as in the Research Blocks, which are administers the company "Albpetrol" sh.a. operate 7 companies, which have signed the Petroleum Agreement with Albpetrolsh.a.
AlbpetrolSh.a conducts hydrocarbon exploration and production activities in existing oil and gas fields as well as in some search blocks that are under administration by this company or is part of the Hydrocarbon Agreements with other companies (after being licensed by the responsible ministry), according to the rights and obligations set forth by the legislation that manages the activity of hydrocarbon exploration and production in Albania.

Source: ADN