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Arbitration threat: Albania loses $80 million in one month

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8 years ago
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TIRANA, Feb. 12 – Albania has been ordered to pay back the country’s largest oil producer dozens of millions of dollars over a tax dispute under a decision that comes as a second consecutive blow the country’s public finances receive over the course of one month from international courts. Paris-based International Chamber of Commerce has ruled the Albanian government will have to pay back Bankers Petroleum $57 million (€46.5 mln) over a tax dispute dating back to 2011. The conflict escalated in 2015 following an audit by a government agency claiming the country’s largest oil producer had artificially increased operating…

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