TIRANA (Albania), April 14 (SeeNews) – The largest oil producer in Albania, Chinese-owned Bankers Petroleum, has reduced its output as demand dwindled due to the coronavirus disease (Covid-19) pandemic, local media reported.
The crisis has made it difficult for Bankers Petroleum to sell its output after the main buyer of the company's crude oil based in Spain halted operations, local business news provider Monitor.al quoted Bankers Petroleum CEO Xingyun Sun as saying last week.
The CEO did not disclose by how much the company has reduced its crude oil production.
The rapid spread of Covid-19 has led to deterioration of economic outlook, low oil prices and turmoil in financial markets around the world, the CEO said, adding that oil prices have dropped to their lowest levels since 2002 as demand for oil decreased as a result of pandemic that has led to a deep contraction in oil consumption globally due to tougher restrictions on transport and industry imposed by the governments to combat coronavirus, Bankers CEO noted.
Bankers Petroleum began to operate in Albania in 2004. In 2016, the company was acquiered by Chinese exploration and production corporation Geo-Jade Petroleum for a total consideration of 575 million Canadian dollars.
Bankers Petroleum generates 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.
($ = 0.91403 euro)