Following controversy, government signs agreement with Petrolifera Italo Rumena

TIRANA, April.29- The controversial agreement between the government with Petrolifera Italo Rumena was finalized last week in order to avoid a 7 million euro penalty, Economy Minsiter Ruli explained today.
La Petrolifera Italo Rumena SpA (PIR) had first obtained the concession (Decisions of the Counsel of Ministers no. 171 of March 26th 2004 and no. 278 of May 12th 2004 ratified by Parliament by Law no. 9231 of May 13th 2004) to build and operate a coastal terminal for LPG (Liquefied Petroleum Gases), Oil (Diesel, Gasoline etc.) and additional liquid and dry products in the Bay of Vlora, with the commitment of its Albanian subsidiary company La Petrolifera Italo Albanese ShA (PIA). The government of that time was led by Mr. Nano and the opposition contested virtually all conditions of the agreement. The company later sued the Albanian government in the Paris court for not respecting the agreement and apparently has been granted the right to have the BT concession. According to this kind of concession agreement, it will obtain a 30 year license to own the 183 hectare land where the facility will be built and operate it for no less than 30 years. The company is expected to invest 30 million euros in the project, complete the building project in two years and will have facilitated conditions in the importing of raw material with no customs fee.