January 27 (SeeNews) - Albpetrol, which is fully owned by the Albanian state, said it started a procedure for regaining control over the Gorisht-Kocul oil zone operated by TransAtlantic Albania, unit of US-based GBC Oil.
In the next days Albpetrol will open a procedure to reclaim the Cakran-Mollaj oil zone as well, Albpetrol said in a statement on Thursday.
According to Albpetrol, the main reason for the termination of the agreement is that TransAtlantic Albania has accumulated a debt of some $20 million (18.65 million euro) to the Albanian state. The largest part of this debt was accrued in the 2008-2013 period.
The operations in the oil zones were discontinued about a month ago, which brought not only economic losses but also environmental and health risks for the people living nearby, Albpetrol added.
Albpetrol plans to operate the oil zones on its own and the profit of the operations will go to the state budget.
In March 2016, GBC Oil bought all Albanian assets of TransAtlantic Petroleum, an international oil producer. TransAtlantic Petroleum entered Albania in November 2014 by acquiring 100% of the company Steam Oil & Gas.
($=0.9320 euro)