Saxon Int’l signs contract with Italian refinery for Albanian crude oil
Uncategorized Saturday, March 11th, 2006March 11 (AENews) – End of February 2006 Bankers Petroleum Ltd, announced that its
wholly owned subsidiary Saxon International Energy had entered into a contract
with an Italian refinery to process about 3,500 to 4,000 metric tons of crude oil per month from Patos Marinza oilfield in Albania.
two cargoes per month of approximately 3,500 to 4,000 metric tons crude oil
(approximately 1,400 to 1,600 barrels per day) from the Patos-Marinza oilfield
at prices referenced to five day average Brent price at time of shipment,” the
news release said.
Both parties have agreed to negotiate for a revised pricing formula which will be decided by
the end of April 2006. Saxon is currently conducting a pricing study to that regard, the release said.
The initial term of the Contract will end on December 31, 2006 after which it will be extended for 12-monthly periods unless terminated by either party.
Depending on the prevailing Brent price at the time of shipment, the price to Saxon could
represent an increase of between US$4 to US$6 per barrel over the price received for crude oil sold under its existing contract with the Albanian ARMO refinery.
An average Brent price range of US$50 to US$65 was used in estimating the possible increase in the price per barrel for crude oil sold under the new contract, the release said.
Saxon expects to continue to sell a portion of its Patos-Marinza crude oil production in country under its contract with the Albanian state oil refinery ARMO, according to the news release.
Bankers Petroleum Ltd., through its wholly owned subsidiary Saxon International Energy Ltd, has acquired the right to redevelop, produce and sell products from the existing Patos-Marinza Oilfield in Albania.
Short URL: http://www.albanianeconomy.com/news/?p=138
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on Mar 11 2006. Filed under Uncategorized.
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