Sunday, May 25, 2008

Oil Reports Fuel Albanian Dream of Wealth

30 April 2008
While experts query recent reported oil finds, rising oil prices may mean even Albania’s existing fields could yield big profits.

By Gergj Erebara in Tirana

The report of a new oil source, discovered in Albania in January, had Ervin Blloshmi calling home ecstatically.

“You are going to become an oil-rich country, like the Persian Gulf states”, the Albanian expatriate who has lived in California for the last 10 years told his friends.

Manas Petroleum, a German-based geological company, announced the find of a vast oil and gas reserve in the north of the impoverished Balkan country in January.

Though it has registered an average growth of 5 per cent in GDP in the last few years, Albania remains Europe’s second poorest country, with average salaries of only 200 euros per month.

While some energy experts query euphoric accounts of huge new finds, they agree Albania’s existing oil basins could become a profitable source of income if up-to-date technology is used and new investment made.
Rest of the article can be read at

No comments: