Albpetrol releases revenue data for 2006

TIRANA, March.29 – The state owned oil extraction company Albpetrol declared a gross revenue figure of $ 3.8 million fro 2006. The record low profit level is explained through analyzing the obligation that the company had to liquidate inherited from 2005. Expenses for third party outside sources reached 2.3 million and a loan of 1 million was taken out to pay delayed salaries to all employees. AlbPetrol debts included outgoing payments to ARMO. Annual production for 2006 was 316 tons and an investment of $ 10 million is needed to operate under quotas of production. Another reason of low revenues is the old deteriorated Chinese technology. Production levels have been fluctuating with 2005 level at 450 tons. The company has as a priority concession giving for new fields of oil and natural gas reserves in Ku谶묠Ballsh and Delvina. It has plans for environmental adjustments which have been stagnating given the financial conditions.