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Albania's anti-trust body launches in-depth probe at oil producer Bankers Petroleum

Albania's anti-trust body launches in-depth probe at oil producer Bankers Petroleum Oil and Gas Exploration and Production/ All rights reserved

TIRANA (Albania), February 26 (SeeNews) – Albania's competition authority said it has launched an in-depth investigation of suspected restriction of competition by Canadian-Chinese oil producer Bankers Petroleum operating in the Western Balkan country.

The competition authority will investigate the Bankers' operations for possible violations of competition rules in the crude oil production and trading market, it said in a statement earlier this week.

No further details on the investigation procedures were provided.

Bankers Petroleum began to operate in Albania in 2004. In 2016, the company was purchased by Chinese exploration and production corporation Geo-Jade Petroleum for a total consideration of 575 million Canadian dollars

Bankers Petroleum increased its crude oil output in Albania by 18% year-on-year to 15,059 barrels of oil per day in the first half of 2019, Bankers said in its half-year financial and operational report emailed to SeeNews in July.

Revenues rose to $146 million (134.4 million euro) in January-June 2019, from $122.8 million in the first half of 2018. Total expenditures increased to $126 million, from $91 million in January-June 2018.

Bankers Petroleum earns all of its oil revenue in Albania, where it operates and has the full rights to develop the Patos-Marinza oilfield, has a 100% interest in the Kucova oilfield, and a 100% interest in exploration Block F - all of them situated in the southwestern part of the country.

($ = 0.92072 euro)