Bankers Petroleum, Albania’s largest oil producer has resumed its operations following a suspension due to the COVID-19 pandemic.
The company began its operations in 2004 and was purchased by Chinese corporation Geo-Jade Production for EUR 375 million in 2016. Bankers Petroleum generates all of its oil revenue in Albania and it has exclusive rights to develop the Patos-Marinza oilfield, has 100% interest in the Kucova oilfield, and 100% interests in Block F.
The company has opened 95% of all wells which have a capacity of 2050 tonnes of crude oil a day.
In February, the Albanian Competition Authority launched an investigation into Bankers for possible violations of competition rules in relation to the production and trade of crude oil. The investigation came after protests and a hunger strike from employees of the Balsh refinery operated by local company Tosk Energy.
They accused Bankers of creating the situation through illegal competitive practices. Bankers deny the claims.
Then in May, Bankers sued its former general director Leonidha Covo for corruption over allegations Cobo had taken bribes from trading partners. It was alleged that subcontractors and suppliers acquired Bankers contracts by paying “commission” to Cobo.