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Bankers Petroleum shuts Albanian production, hopes to resume in days

Published 2016-06-02, 10:45 a/m
Bankers Petroleum shuts Albanian production, hopes to resume in days

TIRANA, June 2 (Reuters) - Canada's Bankers Petroleum
BNK.TO said it had begun shutting-in its crude oil extraction
in Albania early on Thursday due to a lack of storage at the
export port and its own oilfield, but believed it could restart
work in the coming days.
On Wednesday, Bankers said it would curtail production due
to the suspension of work at the export terminal of the
Petrolifera Italo-Albanese (PIA) because of a crude spill by a
Turkish tanker while the authorities investigated the incident.
"The suspension of the export terminal over the past week
has led to a shortage of available crude storage at the port
facility as well as within the Patos-Marinza oilfield," Bankers
said in a statement released in Tirana.
"The company expects the suspension to be lifted in the
coming days, allowing Bankers to resume operations," it added.
One of Albania's largest foreign investors operating the
largest onshore oilfield in continental Europe, according to the
Albania Energy Association, Bankers said in March it had agreed
to be acquired by affiliates of China's Geo-Jade Petroleum Corp
for C$575 million ($438.66 million).
The sale followed the Albanian government accusing Bankers
Petroleum of understating earnings to avoid its 50 percent
profit tax. The government plans to renegotiate its oil
output-sharing contracts and impose a limit on expenses that oil
companies can use to offset tax liability.
($1 = 1.3108 Canadian dollars)

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