Bankers Petroleum Study for Albanian Enhanced Oil Recovery Project

CALGARY, Sept. 19 – Bankers Petroleum Ltd. announced Wednesday the initiation of a study for a thermal enhanced oil recovery (EOR) pilot project in Albania. The Company’s Albanian strategy for 2006 has been focused on continuing to build production through

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Gjirokastra passes a project of a gas supplier

GJIROKASTRA, Sept. 19 – Gjirokastra officials passed Tuesday a project of the Swiss company EGL to supply liquid gas. EGL’s manager Gert Moser said that the project would make possible the construction of the TAP project and link eastern with

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American Bank of Albania Offers Good Mortgage Interest Rate Loans

TIRANA, Sept. 18 – The American Bank of Albania published its latest interest rates for all types of Mortgage Loans, which include: loans for housing and shops, reconstruction, furniture, etc.ABA offers some of the most competitive interest rates in the

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New wholesale market in Vlora

VLORA, Sept. 16 – A new vegetable wholesale market was built in the port town of Vlora. It was a $600,000 investment funded from the World Bank. Now on wholesale persons will have much better working conditions offering their products.

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Yacht port in Vlora helps tourism development

VLORA, Sept. 18 – The yacht port in Orikum Vlora district is the only investment of the kind in Albania. The small port is located just between the Karaburun peninsula and the city of Vlora. It was built b the

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Albania sued from GE for breaking contract on reconstruction of railway, press says

TIRANA, Sept. 20 – Albanian newspapers wrote Wednesday that the U.S. company General Electric Co. had sued Albania for breaking the contract on the reconstruction of a rail link between Tirana, the western port town of Durres and Tirana’s international

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Ferro chromium workers wasn’t Darfoto respect the contract

ELBASAN, Sept 17 – Hundred-thirty workers of the Ferro Chromium plant in Elbasan have not been working since two months and they get a payment of 14,000 leks. The plant’s trade union asked for the restart of the work. They

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Central Bank of Albania holds the Governo’s price for best diploma

TIRANA, Sept. 17 – The central Bank of Albania will hold a competition on “Price of Governor for Best Diploma.” All student who have graduated this year will offer their issues focused on any of the bank’s sectors. The BoA

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Albanian banks report growth in central eastern Europe

TIRANA, Sept. 18 – A report on the CEE banking markets showed good records for the Albanian banking system with strong growth in credit in 2005. On 12 June 2006, Albania signed its Stabilization and Association Agreement with the European

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Ruli explains the ‘Albania 1 euro’ initiative

TIRANA, Sept. 18 – Minister of Economy, Trade and Industry Genc Ruli presented to a roundtable the idea of ‘Albania 1 euro’ project the government of Prime Minister Sali Berisha has launched. Ruli said that the country’s economy had shown

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                    [post_content] => CALGARY, Sept. 19 - Bankers Petroleum Ltd. announced Wednesday the initiation of a study for a thermal enhanced oil recovery (EOR) pilot project in Albania. The Company's Albanian strategy for 2006 has been focused on continuing to build production through the effective take-over and redevelopment of wells from Albpetrol Sh.A, the state owned oil company. Bankers' activities to date have increased current production to approximately 4,200 bopd, with the goal of reaching 10,000 to 15,000 bopd in three to four years. The Patos Marinza field life is expected to be 25 years under the current Plan of Development, which represents a total incremental oil recovery of approximately 5 to 6 percent to Bankers of the total field resources of approximately 2 billion barrels of original oil in place. Total field recovery utilizing primary production techniques is thus estimated to be approximately 10 to 12 percent, including the previous production by Albpetrol. Bankers has initiated a scoping study for an EOR project in Albania to further improve total recovery to the Company. A specialized EOR team has initiated the evaluation, economic analysis and modeling of a thermal pilot project for the southern part of the field. While EOR recovery techniques have been shown to have the ability to improve oil recoveries to 20 to 40 percent, it is not known at this time what the total potential impact could be on Bankers' Albanian reserves. The approvals required to proceed with this project are expected prior to year-end. 
"We're excited to be moving forward with this important step in the next phase of development of our heavy oil project in Albania," said Richard Wadsworth, President. "A successful EOR project could result in increased reserves for the Company, as well as an increase in total production above the current 15,000 bopd production target." 
Bankers also announced the addition of Mr. Eugene Christensen as Vice President, Exploitation to its management team. Mr. Christensen also served as Exploitation Manager for Anglo Albanian Petrolem Ltd. in Fier, Albania. Mr. Christensen's engineering expertise in conventional oil, heavy oil, thermal operations, waterfloods, shallow and tight gas will be extremely valuable as he focuses on development growth opportunities in Albania, including the potential EOR project for Bankers' Albania operations. 
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of Bend shale gas. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
                    [post_title] =>  Bankers Petroleum Study for Albanian Enhanced Oil Recovery Project 
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                    [post_content] => GJIROKASTRA, Sept. 19 - Gjirokastra officials passed Tuesday a project of the Swiss company EGL to supply liquid gas. EGL's manager Gert Moser said that the project would make possible the construction of the TAP project and link eastern with western Europe. This project would pass in three countries _ Greece, Albania and Italy for some hundreds of kilometers. In Albania it will be some 200 kilometers out of its total of 500 kilometers. Moser said that the investment would be some 600 million euro. The trans-Adriatic trace and the terminal of the liquid gas in the Albanian territory will ask for some 250 million euro investment and it will employ some 300 persons during construction and 80 when it is completed, according to Moser. All the line will be put 1.5 meter under the earth and there will be a secure environment.
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                    [post_content] => TIRANA, Sept. 18 - The American Bank of Albania published its latest interest rates for all types of Mortgage Loans, which include: loans for housing and shops, reconstruction, furniture, etc.ABA offers some of the most competitive interest rates in the market. They vary from 8.25-9% for US Dollar, 7.75-8.25 % for Euro, and 9-9.5% for LEK. Mortgage loans can be granted for a term up to 20 years, meanwhile the customer may choose any other term within this predefined period.Interest is calculated based on the annual interest rate of US Dollar or Euro, according to the Libor or EuroLibor annual rates respectively, over which the Bank applies its spread. The same is valid for the loans in LEK, however the interest rate is calculated summing up the annual interest rate for T-Bills plus the Bank's spread, which changes on an annual basis.(Tirana Times Staff)
                    [post_title] =>  American Bank of Albania Offers Good Mortgage Interest Rate Loans 
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                    [post_content] => VLORA, Sept. 16 - A new vegetable wholesale market was built in the port town of Vlora. It was a $600,000 investment funded from the World Bank. Now on wholesale persons will have much better working conditions offering their products. It is built in town suburbs on 14,500 square meters with 22 store places, 28 parking places for heavy trucks and a great areas of parking for small cars.
                    [post_title] =>  New wholesale market in Vlora 
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                    [post_content] => VLORA, Sept. 18 - The yacht port in Orikum Vlora district is the only investment of the kind in Albania. The small port is located just between the Karaburun peninsula and the city of Vlora. It was built b the Italian company "Giorgio Alfo." After the project was approved in 1995 it started to be built a year later in 20 hectares. It is give by concession for 99 years to the company. But in the crazy year of 1997 its work was suspended, though the place was under the protection of a local family living there Ali Bitri. Construction work resumed after 1997 and now one may see an almost complete harbor with two buildings and other infrastructure needed to operate. It is in the last stage of construction. Some yachts have already started to come to the port from other countries. They are left there to be used during summer for which they pay a rent. The port is created as a place of rest for the yacht owners sailing in the Mediterranean. The port is 250 x 156 meters in the sea with a four meter depth. It may accommodate some 650 small yachts and it is expected to increase that number to 1,000. the port has also two three-floor buildings with 57 apartments that have one, two or three bedrooms. Some clients have bought the anchorage place together with an apartment. Another building will be constructed to serve with different shops and also a pool. Scores of yachts came this summer. The ;port also held the Sea Day with some 157 Italians who came on yachts. During those days the tourists visited the tourist spots around in other towns like Berat, Himara, Apolonia, and so on. The port has also all the necessary infrastructure of a border crossing point. Giorgio Alfo, one of the company's shareholders, said they had the full support from the government to complete their investment. "We aim at making the port a modern place," said Alfo. The first stage had asked for a 5 million euro investment.
                    [post_title] =>  Yacht port in Vlora helps tourism development 
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                    [post_content] => TIRANA, Sept. 20 - Albanian newspapers wrote Wednesday that the U.S. company General Electric Co. had sued Albania for breaking the contract on the reconstruction of a rail link between Tirana, the western port town of Durres and Tirana's international airport, and had asked for a $20 million compensation. Last December Albanian ministers of transport, finance and economy wrote to GE saying Albania, considered one of Europe's poorest countries, could not afford the terms of the commercial loan for the reconstruction of the rail road. In May 2005 Albania had approved a loan of some 75 million euro from Dutch bank ABN Amro Holding NV to reconstruct a 38-kilometer  stretch of rail between Durres and Tirana. It also included a new six-kilometer link between Tirana and the airport. Tirana had signed a deal with General Electric Co. in September 2003 for the U.S.-based company to carry out the work. Rail reconstruction was not one of the country's top priorities and investments in power generation were more important, Ruli said. The new government of Prime Minister Sali Berisha that came to power in September last year considered taking a considerable loan project premature, an idea also supported from the World Bank and the International Monetary Fund _ major financiers of post-communist Albania since 1991.
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                    [post_content] => ELBASAN, Sept 17 - Hundred-thirty workers of the Ferro Chromium plant in Elbasan have not been working since two months and they get a payment of 14,000 leks. The plant's trade union asked for the restart of the work. They have also told the minister of economy and the prefect for the situation. They want the Italian Darfo company to respect the contract. The company has a 1,5 million euro debt to the Albanian government. the company has signed a 30-year contract six years ago. They have decided to close down the plant which would leave all of them unemployed.
                    [post_title] =>  Ferro chromium workers wasn't Darfoto respect the contract 
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                    [post_content] => TIRANA, Sept. 17 - The central Bank of Albania will hold a competition on "Price of Governor for Best Diploma." All student who have graduated this year will offer their issues focused on any of the bank's sectors. The BoA aims at making it an annual event trying to promote students and universities. The first prize will get 2,000 euro, the second 1,500 euro and the third 1,000 euro. The candidates should present their work until Oct. 10.
                    [post_title] =>  Central Bank of Albania holds the Governo's price for best diploma 
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                    [post_content] => TIRANA, Sept. 18 - A report on the CEE banking markets showed good records for the Albanian banking system with strong growth in credit in 2005. On 12 June 2006, Albania signed its Stabilization and Association Agreement with the European Union, the first formal step to eventual EU membership. 
However, it is unclear how quickly Albania will gain candidate status or even start membership negotiations with the EU. With regard to the economy and the banking sector, both enjoyed strong growth in 2005. Total banking assets increased by 20% in 2005, reaching 58.1% of GDP. But the spectacular development was credit growth, which strongly accelerated in 2005. Both, credits to private companies as well as to households, increased close to 90% yoy in EUR terms. Still, at 14.9% of GDP, the level of outstanding total credits in Albania remains the 
lowest as a percentage of GDP in all of CEE, pointing out both the current stage of development of the banking sector and the potential for future growth. Despite the almost doubled credit volume in 2005, total deposits in Albania still greatly outweigh credits with a ratio of 342.5% of total credits. Today, the major banks in Albania are majority foreign-owned. Raiffeisen Bank, the former Savings Bank of Albania, is the largest bank with a market share of more than 40% of total assets as at yearend 2005. In December 2005, Italian banking group Sanpaolo IMI bought an 80% stake of Italian Albanian Bank. Overall, a further positive development is expected for the banking system as a whole, in  particular in the area of lending to the economy. 

                    [post_title] =>  Albanian banks report growth in central eastern Europe 
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                    [post_content] => TIRANA, Sept. 18 - Minister of Economy, Trade and Industry Genc Ruli presented to a roundtable the idea of 'Albania 1 euro' project the government of Prime Minister Sali Berisha has launched.
Ruli said that the country's economy had shown stability during the last years preserving a 6 percent GDL growth per year. The fiscal and monetary policies have been very careful an inflation has been kept under control at the 2-4 rate, exchange rate has been also stable. In 2005 the income per capital were $2,673. budget deficit has been constantly reduced aiming that in three years it reaches the levels of the neighboring countries in the region. Fast increase of crediting speaks of the good situation of the local businesses. Through an efficient management of the macro-economic policies and the deepening of the structural reforms the country aims at significantly increasing the domestic income be they public or private. It is forecast they reach in three years 27 percent of the GDP compared to 24 percent now. It is also expected a higher foreign direct investment due to the structural reforms, improvement of the business climate and reducing the administrative steps. "They cannot be held in continuality if our reforms will not aim promoting foreign investment and increasing exports," said Ruli.
Increasing FDI in the next years becomes a top priority. Until now they were mainly based with the privatization process. But the government is planning new ways to attract them in the future. Concession could be one of the main ways for them. The FDI remains low in Albania compared to the region. That comes because of the negative inheritance of the economic and political risk in the country and other obstacles to the business, especially corruption and the low quality of service from public administration, according to the minister.
The regulatory reform undertaken from the government aims at creating a favorable environment to the business, transparent and friendly to new investment, be they domestic or foreign ones. More efforts should e done to improve the legal context. The country has lacked a fair competition and that has affected attracting foreign investment. The prime minister has already created a task force that has prepared the institutional context to coordinate the reform which strongly fights bureaucracy and other obstacles to the business. 
Business registration has been cut from 30 days to eight days, also with improved steps in the procedure. There have been equalized the tariffs for the registration and other notary public steps and it is aimed to make complete liberalization of this process. There will be a new model for registration just with one step. In three years there will be created the National Center of Business that will serve as a one-stop-shop for business registration, said the minister. Business registration will be reduced from 47 days it was before this government came to power to one day.
The licensing process has been another direction in this context. It will be held in two stages: a reconsideration to reduce administrative obstacles and the other on reconsidering the legal context for each sector. It will aim to adapt the Albanian laws with "Acquis communitaire" of the European Union. There have already been completed the amendment of the laws for the sectors of mines and hydrocarbons. Same may be said for the sectors of transport, health, agriculture and food and the concrete steps are being prepared. "This reform will bring a very important impact on the mentality of the public administration and the business community on transparency and collaboration in compiling the policies and strategy," said the minister.
Fighting corruption remains a big priority together with reforms in the judiciary. Property ownership and infrastructure situation remain the main obstacles at the moment, said Ruli. Property ownership hampers the application of many projects and that directly affects the lack of FDI in our country. The price of land and ownership have increased the cost to the business.
That was one of the main reasons why the government undertook the 'Albania 1 euro' project recently. The initiative will be translated into a package of facilitated services offered to investors, who should fulfill some criteria. The package will present a list of public assets and the sector for investment. They will be sold, rented, given by concession with 1 euro. Other public services like training the labor force, registration and so on will be offered for just 1 euro. the package aims at attracting investment in priority sectors like products oriented for export or to replace imports, energy, and employment in the least developed areas in the country. Guaranteeing the infrastructure is a very attractive element which will make the government work more. Modernizing such an infrastructure is a long-term process, said Ruli. Creating industrial parks will have a fast impact. The government is defining the industrial zones as one of the most important duties for the country's development. 
The high price of energy has been one of the main obstacles, but the recent price fall starting July 1 with 33 percent less will help the process a lot, said the minister. There have been undertaken a series of reforms in order to secure a regular supply of energy. The minister said they were working to create a geographical balance for energy, including resources, through promoting and urging private investment in the sector. It is aimed to increase production especially from the small hydropower stations. Considerable investment are being done in the transmission sector so that our country links to the regional one. The most important projects in this sector are building a new power plant in Vlora, constructing the 400 kV Elbasan-Tirana-Podgorica line and the 400/220/110kV station in Tirana, restructuring primary equipment in eight substations of 400 and 220 kV; and the building of a new checking center. The government has also decided to fastly privatize the distribution sector for KESH, a process assisted by the U.S. company "Hunton & Williams."
Albania's integration into the regional network of oil and gas is another important step to be undertaken. Porto Romano in Durres and Fier may serve as areas for oil and gas terminals, that may also serve to the AMBO project. Privatization of telecommunication, oil, and mines remain top priorities to attract FDI, together with a great effort to improve the country's image.
"All the reforms are essential elements that lower the cost of investment and contribute in promoting domestic and foreign investment," said Ruli. "The government remains open to suggestions from the business."
                    [post_title] =>  Ruli explains the 'Albania 1 euro' initiative 
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            [post_date] => 2006-09-24 02:00:00
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            [post_content] => CALGARY, Sept. 19 - Bankers Petroleum Ltd. announced Wednesday the initiation of a study for a thermal enhanced oil recovery (EOR) pilot project in Albania. The Company's Albanian strategy for 2006 has been focused on continuing to build production through the effective take-over and redevelopment of wells from Albpetrol Sh.A, the state owned oil company. Bankers' activities to date have increased current production to approximately 4,200 bopd, with the goal of reaching 10,000 to 15,000 bopd in three to four years. The Patos Marinza field life is expected to be 25 years under the current Plan of Development, which represents a total incremental oil recovery of approximately 5 to 6 percent to Bankers of the total field resources of approximately 2 billion barrels of original oil in place. Total field recovery utilizing primary production techniques is thus estimated to be approximately 10 to 12 percent, including the previous production by Albpetrol. Bankers has initiated a scoping study for an EOR project in Albania to further improve total recovery to the Company. A specialized EOR team has initiated the evaluation, economic analysis and modeling of a thermal pilot project for the southern part of the field. While EOR recovery techniques have been shown to have the ability to improve oil recoveries to 20 to 40 percent, it is not known at this time what the total potential impact could be on Bankers' Albanian reserves. The approvals required to proceed with this project are expected prior to year-end. 
"We're excited to be moving forward with this important step in the next phase of development of our heavy oil project in Albania," said Richard Wadsworth, President. "A successful EOR project could result in increased reserves for the Company, as well as an increase in total production above the current 15,000 bopd production target." 
Bankers also announced the addition of Mr. Eugene Christensen as Vice President, Exploitation to its management team. Mr. Christensen also served as Exploitation Manager for Anglo Albanian Petrolem Ltd. in Fier, Albania. Mr. Christensen's engineering expertise in conventional oil, heavy oil, thermal operations, waterfloods, shallow and tight gas will be extremely valuable as he focuses on development growth opportunities in Albania, including the potential EOR project for Bankers' Albania operations. 
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of Bend shale gas. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
            [post_title] =>  Bankers Petroleum Study for Albanian Enhanced Oil Recovery Project 
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