The national oil industry is going through a difficult period due to falling prices on international stock exchanges. The official data of the natural resource agency reports that in the last two years the production has fallen to a peak up to a -30%: from 1,2 million tons produced in the 2015 fell to the 835.000 produced last year.
Consequently, as shown by the INSTAT data reported by the Albanian media, it was also the only sector to close the balance sheet in red in the 2016 (last year analyzed), with a loss of about 2.900.000 of lekë (see also Where to invest in Albania. The most profitable sectors of the Albanian economy)
A crisis that also involves the Albanian state
A situation that has had important repercussions on the finances of the State. According to official data from the Ministry of Finance, revenue from oil revenues also fell three times in three years.
The state government has passed - as stated by the director general of the national natural resources agency, Dael Dervishi, in an interview for ATSH - from earning 60 million dollars in the 2014, to the 20 million last year.
This domino effect has inevitably involved the investments of companies, drastically declining in recent years. From the 300 million euros invested in the 2014 to the 'just' 60 invested in the 2017; the 1 / 5 compared to three years ago. And a further decrease is expected for the 2018.
In addition to falling prices on international stock exchanges, however, one of the biggest problems continues to be the conflict between the Albanian government and the Bankers Petroleum the main oil producers in Albania.
Last week, the arbitration court in Paris condemned the Albanian government to pay 57 million dollars to the banking company, a figure that would have been unfairly paid by Bankers Petroleum over the years in the form of taxes.
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