Chinese Investments to Increase in Albania

TIRANA, October 20

The representatives of Geo-Jade Petroleum Corporation, which recently acquired all the shares of Bankers Petroleum in Albania, and Ambassador of China to Tirana Jiang Yu held an official visit on Thursday in the city of Fier with Mayor Armando Subashi.
Ambassador Yu was optimistic for the newest step made by the Chinese company in Albania. According to her, this will be an excellent opportunity for strengthening relations between both countries as well as increasing cooperation in other sectors that are going to help to the economic, cultural and tourism development in Albania.
The oil industry, is a well know sector among potential Chinese investors, is not the only sector that has the interest of investors from the Far East. Further investments and cooperation in the sector of agriculture, agroprocessing, and fertilizers production are great opportunities that will help family businesses. Further on, special attention was paid to investments in tourism both archaeological and coastal.
On his part, mayor Subashi guaranteed ongoing support to the Ambassador and Geo-Jade’s representatives and increased cooperation. Timothy Luo from Geo-Jade said that this will be a correct and cooperative relations that are going to redimension friendship and the newest cooperation with the municipality of Fier.
Geo-jade, which is going to have control over the oil sector in Albania, is one of the largest corporations registered in Shanghai’s stock market. Its capital is about 3.6 billion dollars and it made several investments in Central Asia, China, and Northern America. Meanwhile, Bankers Petroleum operated in Albania for many years. It owned the rich oil reserves in Patos-Marinza, Kucova, and many other areas.

News Source: ATA