Oil mining sector, Albania to receive counsel from american experts

Oil mining sector, Albania to receive counsel from american experts

Albania will receive American counsel on the fiscal and contractual regimes for the mining of oil. The US Ambassador, Donald Lu said that the sector of oil mining in Albania suffers due to corruption and beaurocracies, which make it difficult to attract foreign investors. 

Minister of Infrastructure and Energy, Damian Gjiknuri emphasized that Albania has many resources for oil mining, but legislation for this sector must be improved. Gjiknuri also informed that soon the public enterprise 'AlbPetrol' will be privatized. 

"The American companies have acknowledged the existence of oil and gas potential in Albania, but the legislation and the way business is conducted have made it difficult to operate in this sector. "Corruption, the application of contracts and beaurocracy are serious concerns. I hope we can help Albania to address these problems"- expressed Ambassador Lu. 

The Minister for Energy, Gjiknuri expressed they are trying to realize a deep reform in this sector while he emphasized the necessity to improve legislation. Very soon, the institution of Gas and Oil will be established in the country which will offer more information on the oil sector of Albania.

EMISIONET