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Albanian Times, Volume 1, Issue 3, October 29, 1995From: Albanian Times <AlbaTimes@aol.com>The Albanian Times (by AlbAmerica TRade & Consulting International) DirectoryBusiness HeadlinesCONTENTS[1] EU Grants Albania 212 Million ECU.[2] Albania to Buy Wheat from Romania[3] World Bank President to Visit Albania[4] Saudis Interested in Albanian Workers[5] Fuel Smuggling from Albania Rising[6] Property Claims Deadline Extended[7] Balkan Leaders Pledge Cooperation[8] Greece Minimizes East-West Corridor[9] Bulgaria, Greece to Step up Cooperation[10] EU Drops Legal Action Against Greece[11] EU Surplus with Eastern Europe Stays at $8 billion[12] Italy's Dini Survives no-confidence Vote[13] Exchange Rates on October 23, 1995[14] Albania's Private Sector Grows[15] Books On AlbaniaBusiness Reports
[16] Bulgaria, Macedonia to Expand Transport Links[17] Fountain Oil Finalizes Talks for Joint Venture in Albania[1] EU Grants Albania 212 Million ECUThe European Union on October 26 granted Albania 212 million ECUs ($275.6 million) for 1996 to 1999 under its PHARE aid program, which would cover 25 percent of Albania's public investment scheme. PHARE was set up in 1989 by the EU to help economic restructuring in the eastern and central European states and to foster their relations with the European Union. Chris Hughes, PHARE's country coordinator for Albania, said 62 million ECUs ($80.6 million) were granted to develop the production base, direct investment in production and infrastructure of Europe's poorest country. Hughes said 72 million ECUs ($93.6 million) would be granted to a cross-border program to improve roads and ports linking Albania with Greece in the south and Italy in the west. Another 61 million ECUs ($79.3 million) would promote human and natural resources and 14 million would help upgrade legislative and other structures to European standards. Hughes said the European Union was content with Albania's levels of absorbing the funds and that the Albanian government has been up to the job. Edmond Leka, Albania's director of the economic development program, said the fund will make up 25 percent of Albania's Public Investment Program (PIP).Albania has received a total of 920 million ECUs ($1.196 billion) in the five years to 1995 from the European Union Commission and its member states, 438 million ECUs ($569.4 million) of which came through the PHARE program.
[2] Albania to Buy Wheat from RomaniaAlbania has received 30,000 tons of wheat from Romania and will buy another 50,000 tons from a Macedonian firm, Reuters reported on October 23. Albania has bought 20,000 tons from Romania for 3.54 million dollars, at 177 dollars per ton, and Romania has donated another 10,000 tons. Albanian President Sali Berisha had asked the European Union for 100,000 tons of wheat in aid. Last week Berisha signed a law lifting all customs tariffs on wheat and flour till June 1996, to preserve the current price structure. The previous tax had been seven percent. Wheat production in Albania in 1995 has fallen to 420,000 tons as private farmers turn to more profitable crops. Albania consumes about 630,000 tons a wheat a year.
[3] World Bank President to visit AlbaniaThe president of the World Bank, James Wolfensohn, who has been in office since June this year, is on a fact-finding mission which includes Russia and Albania, a World Bank official said on October 26. ``He wants to see a cross-section of the reforming economies,'' a World Bank spokesman in Hungary said.
[4] Saudis Interested in Albanian workersA high ranking Saudi delegation visiting Albania expressed interest in hiring Albanian workers in Saudi Arabia, Rilindja Demokratike reported on October 22. Zeri i Popullit the same day estimated the number of Albanians working in Greece legally or illegally at about half a million.
[5] Fuel Smuggling from Albania RisingFuel smuggling from Albania to Yugoslavia has risen sharply due to increased demand. Reuters reported on Oct. 20. The Albanian government said police had stepped up checks on the transport of fuel, but smugglers increased trade before a Bosnian peace settlement and the lifting of UN sanctions. The demand for fuel almost doubled after Turkish UN. troops blocked smuggling along the Danube last week.
[6] Property Claims Deadline ExtendedA deadline for filing claims on expropriated assets in Albania has been extended to December 29, 1995. Albania will pay a total of $2 million to United States nationals who suffered property losses at the end of World War Two. The previous deadline was October 31. The Foreign Claims Settlement Commission, which will administer the Albanian Claims Program, will determine the validity and value of each individual claim, then make awards from the settlement fund that the U.S. Treasury is holding. Claims forms can be obtained by mail from the Foreign Claims Settlement Commission, 600 E St, NW, Suite 6002, Washington, D.C. 20578 or requested by telephone (202) 616-6975.
[7] Balkan Leaders Pledge CooperationThe presidents of Albania, Bulgaria and Turkey, and the acting President of Macedonia have pledged to press ahead with new infrastructure programs, including roads, power and telecommunication links. Sali Berisha, Zhelyu Zhelev, Suleyman Demirel, and Stojan Andov met on October 22 in New York on the sidelines of the U-N 50th anniversary. The four politicians welcomed the U.S. commitment to help improve the infrastructure in the Balkans, and invited Western companies to take part in such projects. They agreed on October 23 to build a trans-Balkan highway. The road, which will cost an estimated $1 billion and is expected to take 4 years, will link the Albanian port of Durres with the Turkish city of Istanbul, via Skopje and Sofia. A declaration on the East-West Corridor signed by the four Balkan leaders stated support for international efforts to resolve the Balkan conflict and for the UN sanctions resolutions. A coordination office for the project will be opened in Sofia. Albanian President Sali Berisha said the project would bring the four countries closer together and closer to the EU.
[8] Greece Minimizes East-West CorridorTop ranking Greek officials tried to minimize the agreement on the East-West corridor signed in New York, A 1 TV reported. The Greek President Konstantinos Stefanopoulos said Greece should speed up the construction of Via Egnatia, the parallel highway on the Greek territory. Spokesman, Telemakos Kitiris, said the accord does not have any political or financial support in the European Union.
[9] Bulgaria, Greece to Step up CooperationBalkan neighbors Bulgaria and Greece agreed during a brief visit by Greek Foreign Minister Karolos Papoulias on October 24 that they would step up cooperation. During a six-hour stopover Papoulias held talks with Bulgarian Foreign Minister Georgi Pirinski and Prime Minister Zhan Videnov. Papoulias said the prime ministers of the two countries would meet by the end of the year to sign new agreements, including the opening of border checkpoints between the Bulgarian towns of Gotse Delchev and Roudozem and Drama and Xanthi in Greece. Road links, port modernization and cooperation in telecommunications backed by the European Union were among projects to be carried out in coming months, Papoulias said.
[10] EU Drops Legal Action Against GreeceThe European Commission has dropped its legal action against Greece over its trade embargo on the Former Yugoslav Republic of Macedonia, a Commission spokesman said on October 24. ``We have dropped the case...because it was taken out to get the embargo lifted and there are now sufficient signs that this has happened,'' the spokesman said. The Commission began its action against Greece in April last year, when Athens held the European Union presidency, after months of futile diplomatic efforts to persuade it to lift the trade sanctions. Last week Greece declared that it was lifting the trade embargo and would not reimpose it.
[11] EU Surplus With Eastern Europe Stays at $8.3 BillionThe European Union's trade surplus with the countries along its eastern flank remained static at 6.4 billion European currency units ($8.3 billion) last year, the EU statistics office said on October 24. Eurostat said exports from the EU of 12 countries to Slovenia, Hungary, the Czech Republic, Slovakia, Croatia, Bosnia, Bulgaria, Poland, the Former Yugoslav Republic of Macedonia, Romania, Albania, Lithuania, Estonia and Latvia rose 21.7 percent from 1993, while imports climbed 26.7 percent. Italy had the highest trade surplus with the 14 countries in 1994 at 2.1billion ECU's ($2.7 billion), followed by Germany at two billion ECU's ($2.6 billion).
[12] Italy's Dini Survives No-Confidence VoteItaly's Prime Minister Lamberto Dini prepared to snatch victory from the jaws of defeat in a no-confidence vote on October 26, and made an explicit pledge to resign by the end of the year after passing 1996 budget. Marxist deputies who hold the key to the outcome of the do-or-die vote dropped plans to vote against Dini and side with media mogul Silvio Berlusconi after the premier's dramatic speech to parliament. Dini said he had no intention of meeting Berlusconi's demand to resign but made an explicit pledge that his technocrat government would step down no later than December 31. That would allow passage by parliament of the 32.5 trillion lire ($20.3 billion) budget, vital to reining in the public deficit and a key to investor confidence.
[13] East Europe Exchange Rate (10/23/95) Country Currency Dollar Price
[14] Albania's Private Sector GrowsPrivate sector in Albania has been growing at a swift pace, according to local press reports on Oct. 8. At the end of 1994, there were 45,751 private businesses with more than a third registered as joint or foreign enterprises. About 20 percent of private companies are concentrated in Tirane, 36 percent in Durres, Elbasan, Fier, Korge, Shkoder, and Vlore. About 86 percent of them operate in services, retail, and transportation. In the first half of 1995, private sector's contribution in taxes and customs duties exceeded that of the state sector. However, information about private businesses in the country is still not reliable. Output in state industries was lower in 1994 than in 1993 with only few state enterprises able to survive. The industry has recorded increased production since 1993 in only 8 out of 27 of its basic products. The production of enriched chromium has risen by 42 per cent. Electricity, sheet steel, phosphate fertilizers, and ammonia nitrate has also increased. During 1994, serious shortfalls were noted in the production of coal, copper ore extraction, and copper concentrate. Huge investments have been made since 1993. In 1994 alone, investments accounted for about 10 billion Leks, an increase of 70 percent from 1993 with construction taking the lion's share. (Rilindja)
[15] Books on AlbaniaAlbania: A Country Study. As Albania teeters on the brink of uncertainty, this handbook provides a basic understanding of the Albanian people so that the country's future may be better studied. In addition to its historical setting, you will find information on Albania's geography, social system, economy, religion, industry, government and politics, trade, national security, and much more. Maps, tables and an extensive bibliography make this work as accessible as it is enlightening. Order Information: 1994, 288pp, Cloth, Order No. 57807 Standing Order No. 5835, $18.00 To order by phone or for more information call 1-800-274-4888
[16] Bulgaria, Macedonia to step up Transport ProjectsBulgaria and Macedonia agreed to step up joint road, rail and air transportprojects aimed at boosting economic ties, according to a Reuter report onOctober 26. "We have deepened our discussions on the construction of arailway link between Sofia and Skopje,'' Macedonian Transport MinisterDimitar Buzlevski told a news conference after talks with his Bulgariancounterpart. The railway link and a planned motorway are part of a projectformally agreed recently by the leaders of Bulgaria, Macedonia, Albania andTurkey in New York. The projected rail and road routes will eventually linkTurkey, Bulgaria, Macedonia, Albania and the Italian port of Brindisi.``Wehave already started the work on sections of this corridor but the New Yorkdeclaration gives us the chance to involve international financialinstitutions,'' Buzlevski said. Bulgaria has only 10 to 20 km left tocomplete of its railway link from Sofia to the Macedonian border, but theMacedonians still have long stretches to build. Buzlevski said his countryhad invested $40 million this year in the construction of the railway link.
[17] Fountain Oil Finalizes Talks for Joint Venture in AlbaniaFountain Oil Inc. (NASDAQ NMS:GUSH) announced on October 18 that it hasfinalized it's negotiation with the Albpetrol, the Albanian State OilCompany, concerning a Joint Venture for the redevelopment of the Gorisht-Kocul oil field which is located in Western Albania near the Adriatic port Vlora. A Production License is to be granted by the Ministryof Mines and Energy following the Joint Venture will be formally approved by the Board of Albpetrol and the Council of Ministers. Under the agreed JointVenture terms Fountain will be responsible for all operations in theGorisht-Kocul field and for procuring the finance for the field development. After allowing for existing oil production on a declining basis and afterFountain has recovered the cost of it's investment, increased oil productionwill be shared 50:50. The Gorisht-Kocul field currently produces approximately 1,200 barrels of oil per day from 160 producing wells, utilizing outdated equipment and technology. The remaining recoverableproven reserves have been estimated by independent consulting petroleumengineers to be in excess of 22 million barrels, of which 11 million barrelswould be attributable for Fountain Oil.The initial pilot phase of theproject will commence as soon as all agreements and licenses have beensigned by the parties involved. According to the present schedule, this startup is expected in early 1996. The pilot phase will include the drilling ofone or more horizontal wells, test production, reservoir evaluation anddetailed planning for the optimum development of the field. A full field development program could involve the drilling of up to 60 new horizontalwells. The cost of such redevelopment is estimated to be of the order of$20 million, spread over a 4-5 year period. Fountain would finance thisprogram through a combination of cash flow from the Field, project financefrom conventional sources and international development agencies and fromFountain's own financial resources. Commenting on the agreement, OisteinNyberg, Fountain's president and chief executive officer, said, "We havebeen working effectively with Albpetrol since last February, and we arepleased with the progress and outcome of the negotiations. Fountain expects to generate a substantial increase in field production through the introduction of modern oil production techniques and equipment. Fountain recognize a distinct possibility of there being recoverable reserves in theGorisht-Kocul field in excess of the current estimate of 22 million barrels. Following an analysis of the results of the pilot phase the recoverablereserves in the Gorisht-Kocul field will be recalculated. Fountain Oil Inc.is actively acquiring and developing a portfolio of oil and gas properties. The company has also developed and is marketing a patented, electrically enhanced oil recovery technology used to increase the production of heav yoil. Liviakis Financial Communications Inc. John M. Liviakis, 916/448-6084 Or Fountain Oil Inc. Gary J. Plisga, 713/492-6992 or in Europe Fountain Oil Inc. Nils N. Trulsvik, (47) 66 90 3144 or Burson-Marsteller Dag Vangsnes, (47) 22 50 45 50 |
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