BP seeking $54 mln in damages from Bankers Petroleum

TIRANA, Sept. 16 – BP Oil International is seeking USD 54 million in damages from the Albanian subsidiary of Canadian-based Bankers Petroleum over the alleged wrongful termination of a contract. Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwest Albania, says that BP Oil International has filed a claim in the Commercial Court of England and Wales against Bankers Petroleum Albania in connection with a dispute over the termination by Bankers of a crude oil sales contract between the two companies.
Canadian-based Bankers Petroleum says that its Albanian subsidiary was fully within its legal rights to terminate the contract and that BP Oil International’s claim is without merit and that in any event, BPO’s estimate of damages is exaggerated.
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 the Patos-Marinza heavy oilfield, has a 100% interest in the Ku谶a oilfield, and a 100% interest in Exploration Block “F”. Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
London-based BP Oil International Ltd. operates as a financial services company, dealing with forwards and contracts for BP plc.