Tirane, Albania / February 24, 2016
The Ministry of Energy and Industry has announced that Bankers Petroleum has cancelled the arbitrage process opened against Albania regarding the disputes for the company’s audit report of 2011.
According to the press release, the Ministry of Energy, the National Agency of Natural Resources and the Canadian company have agreed on appointing an international expert as a mediator, whose responsibility will be to find a solution for this dispute. The mediator company chosen is “Pricewaterhouse Coopers” which will be assisted also by “Navigant Consulting” experts for making an analysis of the situation and in finding a fair solution for the involved parties.
Based on the pact reached between the government and Bankers Petroleum, the consulting company will have in disposal a four months period to analyze the situation and come up with a final report on the issue.
Despite this, the government and Bankers Petroleum have also agreed to review the financial terms of the agreement between Albania and Bankers Petroleum and to also improve the procedures of inspections the Albanian government applies to the Canadian company.
Bankers Petroleum is one of the biggest foreign investments in Albania and operates in the hydrocarbons field by extracting and processing oil and gas reserves in oil fields situated in southern areas of Albania, mainly in Patos Marinze area.
News source/photo credits: ATA