Oil, gas exploration dominates Albania’s foreign investments

TIRANA: Oil and gas exploration has dominated Albania’s foreign investments, the Bank of Albania said on Saturday.

In early 2014, the extracting industry accounted for about 58 percent of Albania’s total foreign investments with an amount of 504 million euros ($564.88 million). However, it dropped 14 percent compared to 2013, yet still remained dominant in the foreign investments market. Albania’s biggest foreign investor Bankers Petroleum Canadian Company caused the increase of its foreign investments in oil and gas exploration this year. Telecommunication ranks the second in Albania’s foreign investments, which reached 122 million euros ($136.74 million) in 2014, accounting for about 13 percent of Albania’s total foreign investments, according to the Bank of Albania. Albania’s foreign investments also involve energy and real estate, with 8.5 percent of total foreign investments respectively. The Albanian government is providing investors with incentives and facilities, trying to encourage energy investments, which it believes has a high potential.  Canada is currently reported as the biggest investor in Albania with an investment of about 400 million euros ($448.32 million), followed by Greece with 118 million euros ($132.25 million) in the communication sector. Other foreign investors include the Netherlands, Switzerland, Turkey and Italy.