Bankers petroleum interested in buying Albanian refinery, ARMO

Canadian company Bankers Petroleum, currently working for the extraction of oil in Albania, has expressed interest in buying ARMO sh.a, the state owned oil refinery. The news was published today in daily Shqip, citing an unidentified source from the company.

ARMO owns the sole oil refinery in the country and produces about 100K tones of diesel and benzene. Its production provides for 30% of oil consumption needs in the country.

According to its chief financial director, Kujtim Osmanaj, in 2006 ARMO reached profits of Lek 1.9bn (USD 19 mn, EUR 15.2mn).

High prices of oil and a strong increase in production were the factors that helped the company multiply its profit several times in 2006, compared to 2005.

Bankers Petroleum is a Canadian owned company, working in exploiting Patos-Marinza's oilfield in the south-central of Albania. The company sells its crude oil partly to ARMO and partly to an Italian refinery.

In 2006, crude oil exports reached Lek 1,7bn (EUR 14.2mn, USD 17.7mn), an 80% increase compared to 2005 figures.