Construction is scheduled to begin in the fourth quarter of 2010 and be completed in early 2011
TIRANA, September 1 – Canadian based Bankers Petrolium, which operates the Patos- Marinza heavy oilfield in Albania, has announced planning for a 14-kilometre crude sales pipeline from its oilfield to the rail tie-in at Fier is currently underway. The rail tie-in from the field will connect to a facility at Fier, which in addition to housing product storage, will also serve as the centralized distribution hub with rail ties to both domestic refineries and to the export facility at Vlore, the company said in its latest report.
Bankers says it is in the process of acquiring the necessary materials and finalizing the route and right of way. Construction is scheduled to begin in the fourth quarter of 2010 and be completed in early 2011.
Tank construction at the Vlore terminal is underway. Completion of the additional tankage by year-end will double storage to 160,000 barrels of oil and will enable larger shipments of 120,000 barrels per load.
Meanwhile, construction of an additional 80,000 barrels of storage capacity at the Vlore export terminal is continuing on schedule and is expected to be completed by year-end. In addition, progress is being made on the 14 kilometre, phase one of the oil pipeline connecting the oilfield by rail to both the export terminal and the two local refineries through use of a hub terminal at the city of Fier. This pipeline and Fier Terminal are expected to be completed in early 2011 and will add an additional 9,500 bopd of off-take capacity, giving the Company export sales capacity up to 24,500 bopd by early 2011. Phase two, a 30 kilometre, 70,000 bopd capacity pipeline connecting the oilfield to the export terminal, is scheduled to be completed by early 2012.
Bankers Petroleum Ltd (BNK.TO: Quote) reported a quarterly profit, as average oil production at the company, which operates oilfields in Albania, rose 54 percent.
For the second quarter, the company earned $2.7 million, or 1 cent a share, compared with a net loss of $1.7 million, or 1 cent a share, a year ago.
The company has also announced it is interested in buying Albania’s state-owned firm Albpetrol which has been put on the privatization list.
