Albania: SHELL to invest $42 million in Block 4

The Albanian government approved the decision for the exploration and production of hydrocarbons in Block 4, by the international company SHELL. Three years of negotiations between SHELL and the Albanian government were needed to finalize the agreement, that foresees a 42 million$ investment in extracting hydrocarbons in Block 4.

After the government meeting held in Durres, Pm Edi Rama informed the cabinet regarding important decisions in the field of energy, that include the inclusion of SHELL in the Albanian market.

Pm Rama stressed that ‘’ we are expecting autumn for the confirmation of the agreement, which is a positive perspective for the country’s economy for the upcoming decade’’.

According to PM Rama, another important decision is regarding the supporting and inciting measures of renewable sources of sun and wing, that aim to regulate the sector which has an extraordinary development potential and paves the way of attracting strategic investors in the field of clean energy.

Block 4 is located in south-east Albania and is between the state border between Albania and Greece. The terrain is mountainous, and the highest peak is Nemercka. This block was the only one among 13 in total, that was finalized with an agreement.

 

/ERvin Çali/