• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 20 mins EU has already lost the Trump vs. EU Trade War
  • 5 mins More dumbed down? re Hong Kong Act of Congress
  • 19 hours Impeachment S**te
  • 3 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 5 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 1 day 55.00 WTI
  • 10 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 7 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Everything You Need To Know About Trump
  • 37 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 1 day Water, Trump, and Israel’s National Security
  • 4 hours Last I Checked
  • 20 mins Petroleum Industry Domain Names
  • 1 hour U.S. Shale Output may Start Dropping Next Year

Albania – Dubious Deals

Incident: The sale of Albpetrol to ostensibly US-based Vetro Energy in September has been stalled after Vetro failed to make the deposit to back the guarantee. Vetro Energy was the highest bidder, with a $1.1 billion offer (€850 million), more than triple the value of Albpetrol’s assets. Bankers Petroleum of Canada—the largest producer in Albania and the key company responsible for developing Albania’s oil fields—also bid for Albpetrol, but was excluded in the first round with a lower bid of €304 million. In a private investigation at the time of the bidding process, Oilprice intelligence networks uncovered the true ownership of Vetro Energy, based in the US. Albanian tycoon Rezart Taci owns a 51% stake in Vetro Energy, though this information was only revealed to the public after the company won the tender for Albpetrol. The government is now waiting for Vetro to deposit 20% of the contract as a guarantee. Vetro has already missed two deadlines to pay the deposit and sign the contract. Still, the government is extending the deadline to an undefined date. However, if the sale collapses, the government will claim the cash already deposited (10%) with the tender offer.

Bottom Line: The failed closing of the sale of Albpetrol could be good news for the largest producer in Albania—Canada’s Bankers Petroleum—and bad news for US/European/Azeri pipeline ambitions.

Analysis: Taci is a very influential figure. Taci owns…




Oilprice - The No. 1 Source for Oil & Energy News