Albania sold largest oil reserves in Europe for $1.2 billion to US company

Sahit Muja

Sahit Muja: Albania sold largest oil reserves in Europe for $1.2 billion to US company.
Albania has sold its state-owned Albpetrol oil company for $1.1 billion to the U.S. and Singapore company Vetro Energy consortium.
Prime Minister Sali Berisha says the deal will allow Vetro Energy to explore and exploit offshore oil and gas fields, build a refinery, and transport and distribute natural gas in Albania for 25 years.
Albaniaian state-owned Albpetrol, based in Patos, Albania has six oil fields, four gas fields, and 3,000 oil wells out of which around 1,200 are in operation.

The Prime minister of Albania Sali Berisha has embraced ambitious plans to power Albania on oil, gas, coal and renewable green sources of energy.
Albania has a huge potential in oil, natural gas and renewable green energy from hydro-power, wind, solar, geothermal, and biomass. Albania has the largest proven oil reserves in Europe and large reserves of natural gas and coal.

Albania has a huge natural potential to be one of the world’s most important laboratory of green energy.
The Albanian Government has paved the way for billions of dollars to be invested in infrastructure, energy and green power projects. Prime Minister Berisha has been committed to make Albania a energy powerhouse in Europe.
Under Mr.Berisha's leadership the Albanian economy continues to grow with the best rate in Europe.
In the last 7 years under PM Berisha's leadership Albania has the world's largest increase in Tourism about 1000% .
The Albanian government is heavily investing in infrastructure, building roads and crating excellent climate for investors.
Albania has one of the lowest tax systems in the world with only a 10% flat rate.
In the political front Mr. Berisha has led Albania to become a member of NATO and approved visa liberalization with the European Union.

Albanian Minerals sees metals, minerals oil, gas, coal, green energy as an important part of their business and investment strategies.
The Hydropower Albania accounts for 90% of electricity produced while 10% is produced in small thermal power plants. .

The Albanian hydro potential is considered to currently be exploited at only 40%.
Large Hydropower projects under development. Albania has the potential to build 2000 hydro-power plants. Wind and solar energy sources have the greatest potential after hydro-power.

Albania has huge wind green energy potential from powerful winds from low sea levels to the Alps. Albania has some of the strongest winds in Europe. Albania has incredible potential in solar energy.
The Mediterranean country has one of the best numbers of the sunny days in the world.
Sahit Muja
New York