Albania reshuffles state-run oil company to cut costs

TIRANA, Jan. 30 (Xinhua) -- Albania's state-owned oil and gas company Albpetrol is undergoing a process of restructuring with the aim of lifting efficiency and cutting costs, according to the company's Tuesday press release.

The government intends to sell some of the company's assets and cut staff numbers as part of the restructuring process, Albanian Energy Minister Damian Gjiknuri said.

The ministry also announced on its official website that it had set up an inter-ministerial group of experts to study the best scenarios for restructuring the company.

Meanwhile, the company's current general administrator Endri Puka has been dismissed, being replaced by the current director of technical issues, Kastriot Bejtaj.

Albpetrol currently employs around 2,300, and some of its employees will be dismissed while others will change posts, according to the company.

Albpetrol has estimated that Albania has an oil reservation of 220 million barrels as well as 5.7 billion cubic meters of natural gas. The Patos-Marinza oil field near its southwestern city of Fier is the largest onshore field in continental Europe.

Albpetrol closed 2016 with a net profit of 1.5 billion leks (14 million U.S. dollars), according to the company's latest audited annual report. Enditem