Albania/ economy

Albania: Global Petroleum shipment blocked by customs

Albanian Economy News
  Officials from the customs claim that the company has total unpaid duties estimated at USD 800,000.
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The Albanian branch of Hellenic Petroleum, Global Petroleum, was second in the size of debts owed to the Durres customs. Officials from the customs claim that the company has total unpaid duties estimated at USD 800,000.

Yesterday, the customs authorities conducted a second glamorous blocking of 300 tons of oil estimated at USD 150,000 in customs duties. The block in an attempt to try and collect payment of unpaid customs duties by the company.

In a pronouncement for daily business newspaper “Biznesi”, the General Director of the Durres customs, Arben Bajraktari said, “The Durres district court released another executive order regarding Global Petroleum. This situation is similar to that of Olim (Albanian oil producing company) and regards unpaid customs duties”.

Global Petroleum has been listed second in the list of major companies operating in the oil trade in Albania. Company revenue for 2004 were estimated at ALL 2.66 billion (USD 26.6 million) resulting in a 9.3% revenue growth difference compared to 2002.

In 2004, however, the company reported a loss of ALL 66.5 million. Meanwhile, during 2004 the company was reported 10% the Albanian oil market.

For 2004, the Albanian oil market total turnover was estimated at about ALL 30 billion (USD 300 million). Medium earnings for oil market companies in 2004 were reported at 1.4%.

Tirana, September 23, Albanian Economy News

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