Bankers collects outstanding US$12 million sales receivable
TIRANA, April 22 – Canadian-based Bankers Petroleum Ltd. has announced the resumption of oil sales to the Albanian refineries operated by Albanian Refining & Marketing of Oil Sh.A (ARMO) and full collection of all previous crude oil sales.
The two refineries, located at Ballsh and Fier, have the capacity to process in excess of 10,000 barrels of oil per day (bopd), and will complement Bankers existing export oil sales. Under the ARMO crude oil sales contract, deliveries for the remainder of 2010 will approximate 2,000 bopd, and pricing will be competitive with the netback realized through export sales. All sales to ARMO will be secured by a revolving letter of credit.
“Bankers looks forward to the resumption of regular operations with ARMO and supplying oil
into the Albanian market, now that this long-standing financial matter has been resolved,” says
Abby Badwi, President and CEO of Bankers.
Earlier this month, the Albanian government signed an agreement with Bankers Petroleum giving the Canadian-based oil and gas exploration and production company the right to explore for oil and gas even in the Divjaka area of the Lushnja district, southwest Albania.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves.
In Albania, Bankers operates and has the full rights to develop both the Patos Marinza and the Ku谶a oilfields. Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
