Albanian Energy Minister Directs State Oil Company to Negotiate Final Terms for AmonicëSTEINHAUSEN, SWITZERLAND – EQS Newswire – 25 July 2022 – Terraoil Swiss AG, an energy company with a strong focus on the Mediterranean is pleased to announce that the Company has received notification from the Albanian Government’s Minister of Infrastructure and Energy that she has ordered Albpetrol, the state-owned oil company to negotiate the final terms of a Petroleum Agreement for the Amonicë oil field with Terraoil.
The Minister appointed a negotiation group to meet with Terraoil representatives and conclude the final terms of the Petroleum Agreement. Once the final terms are agreed and approved by both parties, the Petroleum Agreement will be sent to the Council of Ministers for final approval followed by the commencement of operations by Terraoil at Amonicë.
Chief Executive Officer, Peter Krempin commented:
“This is a very positive development for the expansion of our business in Albania. On completion of negotiations and conclusion of the necessary steps for the approval of the Petroleum Agreement, Amonicë will be the first of the three new fields for which the Heads of Agreement were agreed in June 2018 to be finally ratified and turned over to Terraoil. We are confident that the remaining two oil fields will be negotiated and approved in due course.”
If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email [email protected] or by telephone at +41 71 544 01 20.
About Terraoil Swiss AG
Terraoil is an international energy company with a focus to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.
Terraoil forward-looking statements
This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. In addition, investors should seek advice from their bank or their financial adviser. This media release and the information contained therein are not being issued for the purpose of selling shares in the United States of America, Australia, Canada, Japan, the United Kingdom, or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.
This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.