“Pennine” is pleased to announce that it has signed a Production Sharing Agreement (“PSA”) with Albpetrol Sh.A (“Albpetrol”) for the exploration and development of the Velca Block in Albania. The finalized PSA contains a license agreement signed by Pennine, Albania’s Ministry of Energy and Industry, and Albpetrol, the country’s state-owned energy firm, for a six(6)-year […]
Interestingly enough, the gas sector once played an important role in Albania and the country was a relatively large gas producer. In 1982, gas production amounted to one billion cubic metres but has now dropped to mere 0.01 billion cubic metres. It is worth noting that Albania and Kosovo are the only countries in the […]
International Center on Small Hydro Power, an international organization co-funded by the UN devoted to the promotion and development of small hydro power globally. The organization is constantly searching for ways to increase cooperation projects with countries also devoted to renewable energy projects, in particular small hydro, for which reason we contact you in this […]
Intesa Sanpaolo said on Wednesday it has lifted its 2016 economic growth estimate for Albania to 3.0% from 2.8% forecast earlier. “GDP is forecast to grow by 3% (with possible upside to 3.3%) in 2016, and to further increase by 3.5% (with possible upside to 3.7%) in 2017, which compare to a growth rate of […]
Sky News understands that Geron Energy Investment lodged an 80p-a-share indicative offer for San Leon in recent weeks. Talks about the bid from Geron Energy are ongoing, prompting a statement on Monday from the board of San Leon which confirmed that it had “received an approach from a possible offeror, which may or may not […]
The World Bank’s board of directors approved loans of $400 million each for Turkey and Azerbaijan, for the Trans-Anatolian Natural Gas Pipeline (TANAP) project late Tuesday, December 20, Anadolu Agency reports. The loans will be supplied through the World Bank’s subsidiary, the International Bank for Reconstruction and Development (IBRD). Turkey’s Petroleum Pipeline Corporation (BOTAS) will […]
Four western Balkans nations signed a memorandum of understanding with Azerbaijan state Socar on co-operation on building the Ionian Adriatic pipeline (IAP) on the sidelines of a Dubrovnik forum 25-26 August. The declaration of intent to develop the 5bn m³/year line was originally signed in 2007 by Croatia, Montenegro and Albania. The length of the […]
The Southern Gas Corridor (SGC) project will enhance Azerbaijan’s role in forming eastern and western energy corridors. Deputy Energy Minister Natig Abbasov made the remarks at the first Eurasian Conference of the International Association for Energy Economics (IAEE) in Baku on August 29. Despite the decline in oil prices, Azerbaijan continues to realize big transnational […]
On August 25, 2016, Foreign Minister Wang Yi held talks in Beijing with visiting Foreign Minister Ditmir Bushati of Albania. Wang Yi expressed that Albania is a traditional friend of China. It made historic contributions to recovering the lawful seat of the People’s Republic of China in the United Nations back in the days, which […]
Canada-based Bankers Petroleum said on August 29 it has finally resolved a tax dispute with the Albanian government and it will be reimbursed for “excessive payments” made to the Albanian tax authorities. The binding third-party audit report on the 2011 tax dispute said that Bankers “correctly stated its 2011 expenses as cost recoverable”, Bankers said in a statement. In February Bankers, […]