The two refineries, located at Ballsh and Fier, have the capacity to process in excess of 10,000bopd, and will complement Bankers Petroleum existing export oil sales.
Under the ARMO crude oil sales contract, deliveries for the remainder of 2010 will approximate 2,000bopd, and pricing will be competitive with the netback realized through export sales. All sales to ARMO will be secured by a revolving letter of credit, the company said.
Abby Badwi, president and CEO of Bankers Petroleum, said: “Bankers looks forward to the resumption of regular operations with ARMO and supplying oil into the Albanian market, now that this long-standing financial matter has been resolved.”
Canada-based Bankers Petroleum is an exploration and production company focused on developing large oil and gas reserves. In Albania, the company operates and has the full rights to develop both the Patos Marinza and the Kuçova oilfields.
