Source: Bankers Petroleum
Bankers Petroleum Ltd. announced the resumption of oil sales to the Albanian refineries operated by Albanian Refining & Marketing of Oil Sh.A and full collection of all previous crude oil sales.
The two refineries, located at Ballsh and Fier, have the capacity to process in excess of 10,000 bopd, and will complement Bankers existing export oil sales. Under the ARMO crude oil sales contract, deliveries for the remainder of 2010 will approximate 2,000 bopd, 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.
"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," says Abby Badwi, President and CEO of Bankers.