Swiss consortium to invest over 4 billion euros in Albania

TIRANA, April 23 – The Albanian government has signed a 4-billion euro deal with Switzerland-based consortium Rudana Investment Group AG for the construction of hydropower plants and a refinery in the next four years.
The memorandum of understanding was signed by Albanian Economy Minister Dritan Prifti and Rudana’s vice president Hany Salem.
Economics Minister Dritan Prifti told reporters that the aim of the project was to build a number of hydropower plants with a capacity of 1000 megawatts.
Prifti described the agreement with Rudana Investment Group as one of the most important considering the size of investments it foresees.
The deal also envisages building a new refinery in the Porto Romano coastal area of Durres and either opening a new port in Vlora, southern Albania, or privatizing the existing one within a four-year period.
“We have met Prime Minister Sali Berisha and been guaranteed of the friendly environment of investments here. Based on government projects, we will invest in energy, gas and diesel, infrastructure and other fields,” said Hany Salem, the vice-president of Rudana group.
“The company has been following developments in Albania for nearly two years and we are convinced that the projects we will undertake will be successful,” added the company’s representative.
The consortium has also expressed interest in the privatisation of the state-owned oil and gas company, AlbPetrol, the construction of a space and land observation centre and the building of a new town whose site will be determined by the Albanian government.
“I am happy that serious and successful investors are choosing Albania for their investments, surely by receiving the Albanian government’s guarantee on the protection and support of these investments,” said Prifti.
Responding to media interest, Prifit said that Albania currently has the capacity to produce 2000 to 2200 MW of hydro power apart from the concessions that have been granted, mentioning the projects of Vjosa and Skavica cascades with a capacity of 700 MW and 300 MW respectively.
Rudana Investment Group is a European-Persian consortium, based in Switzerland.