After negotiations conducted by the Ministry of Energy and Industry and the National Agency of Natural Resources with Bankers Petroleum, it was agreed to set a resolution expert regarding the audit report for 2011.
Bankers Petroleum has been agreed to suspend the arbitration process in which sued the Albanian state.
The expert selected is "PricewaterhouseCoopers", the internationally renowned company which will be assisted by the experts of the company "Navigant Consulting", specializing in the analysis of hydrocarbon costs.
The final report of the experts on the dispute between the state and Bankers Petroleum Albania expected to be ready within 4 months.
Negotiations between the institutions and Bankers Petroleum were developed in accordance with the decisions of the Arbitration Court and the relevant provisions in the agreement hydrocarbons.
In the negotiation process, the Albanian institutions are assisted by the State Attorney's Office as well-known international companies advocacy as Curtis, Mallet-Prevost, Colt & Mosle LLP.
Ministry of Energy and Industry with Bankers Petroleum have also agreed to launch a process of negotiations for the amendment of hydrocarbon agreement aimed at improving the financial terms of the agreement, by correcting the problems encountered so far, and improve procedures for a more efficient control state structures.
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