Albania gov’t inks deal with SHELL Company on Block 4
The Albanian government has signed a new agreement with SHELL for another investment in Albania.
SHELL will launch research at Block 4 in Shpirag area and will continue the oil exploration program, also based on the high expectations that have emerged from the research conducted so far in Blocks 2 and 3.
The agreement was signed by the Minister of Energy and Infrastructure Damian Gjiknuri and SHELL General Manager in Albania.
This investment is slated to have a major impact on the Albanian economy, Prime Minister Rama said in his speech.
“The agreement with SHELL materializes a 20-year long interest since SHELL firs came in our country in 1994, which it left three years later as a result of turmoil [following Ponzi schemes]. Today we are happy and confident for the future of the oil and gas sector in our country.
“This was a very long negotiation, it lasted more than two years. This investment guarantees mutual benefits, and it also guarantees the generation of hundreds of jobs in its early years.
“The whole project is estimated to have an impact of extraordinary importance in the Albanian economy. SHELL’s investment will also improve the lives of residents in the area.
“SHELL’s social investment plan envisages investments in vocational education, security, infrastructure, support in small businesses, etc..”
Rama added that the agreement with SHELL is also an indicator for other foreign investors.
“With this agreement we pave the way for a significant foreign investment in our country Albania today guarantees clarity, transparency and justice in the relations between the government and foreign investors.
“And on the other hand, SHELL’s presence is another reason for seeing Albania, not as it is described in different media in Europe, but as a country where SHELL invests and where everyone can invest, and this investment atmosphere is to be found by anyone. Any foreign investor can see Albania as a country with many opportunities. There is a lot to discover especially in the hydrocarbon sector.”
This year marks the centenary of the first discovery of the first oil reserves in Drashovica in 1918 by Italian researchers.
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