Albania's Albpetrol sees improvement in operating performance in 2014

By bne IntelliNews August 12, 2014

Albanian state-owned oil producer Albpetrol has improved its operating performance this year and has consequently increased its financial contribution to the state budget by 63% y/y in the first half of 2014, local daily Shqiptarja reported.

The output of the company has increased by 41% from its September 2013 level and currently stands at 127.2 tonnes per day. In parallel, the number of active wells increased by 88 to 874.

Meanwhile, the company has completed a restructuring process that envisaged reduction of the headcount by nearly a third to 1,950 workers as end-June 2014. The restructuring process involved also a better division of labour as well as an improvement in the controls of the company's hydrocarbon agreements.

Albania failed to privatise Albpetrol at the beginning of 2013 when the government decided to annul an EUR 850mn offer of a consortium led by local businessman Rezart Taci as the investor failed to make the initial payment, equal to 20% of the bid. Later on, the prosecutors launched an investigation into the failed privatisation on suspicion of violation of the tender procedures.

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