Albania’s leading oil company ARMO and the Bankers Petroleum company have signed a long-term cooperation agreement in Tirana guaranteeing the supply of ARMO refineries with crude oil that Bankers Petroleum extracts in Albania.
The agreement, signed by the presidents of two companies Mr Rezart Taçi and Mr Abby Badui in the presence of the Albanian Vice Minister of Energy Ministry Mr Sokol Dervishi, creates a new dimension in the Albanian hydrocarbons market.
Under this agreement “Made in Albania” hydrocarbon products will not only better utilised but they will be cheaper for the consumer.
“The innovative features of this agreement are that the Bankers Company will be guaranteed the sale market, and the ARMO Company will be provided the first feed and as a result a lower cost of oil by-products, better prices in the market for the consumer, new working places, and more revenue for the Tax Authorities” commented Mr Taçi.
For Bankers Petroleum Mr Badui said: “The agreement that we have just signed with ARMO is very important for us as we have the possibility of sending our products to ARMO’s refineries. Two features are very important. Firstly the agreement is a long-term one, and secondly as it is a long-term agreement it guarantees equivalent prices with international markets.”
Energy Minister Mr Dervishi commented: “It is an advantage not only for both companies - for Bankers and ARMO as a refining company - but it will also mean a profit for the state economy as at least the refined production will create more jobs bring more income to the community and even for the economy of the country in general. It will also help the balance of trade along with other effects that will come because of connection to this agreement.”
Under this agreement ARMO, a company which for several months has delivered European Standard by products such as blue-diesel, is now realising its ambitions to increase production capacities and bring European standards in production.
“After a year of investment in its technology ARMO has achieved a decrease in the amount of sulphur by 97%. This is next to the European community’s standards. Another innovation is the production of blue diesel with a percentage of sulphur of 10 milligrams per kg. Based on these investments the result is that all by-products have been certified by European community standards,” said Mr.Taçi
Since its privatisation, ARMO has paid special attention to environmental protection along with better working conditions, improvements in production quality and a decrease in refining costs.