Albania must offer better practices in contracting and fiscal regimes in the domain of oil and gas, with the aim of attracting as many investments as possible in that domain.
This was said by the Albanian Minister of Infrastructure and Energy, Damian Gjiknuri during a meeting dubbed “Fiscal and contractual frameworks for the development of the hydrocarbon sector”, supported by the US State Department, Bureau of Energy Sources, the US Trade Department and the Treasury Department and held in Tirana.
According to him, Albania has many hydrocarbon resources and can benefit a great deal from them, but it needs a better regulatory framework and an improvement of the legislation.
“Oil and gas resources often act as a source of contractual conflicts. Often, where there is oil and gas, there are clashes between the government and private contractors. Time has come to think big and draft a new fiscal and regulatory framework and change our contract models”, Gjiknuri said.
Meanwhile, he added that in cooperation with the ministry of Finance and the international assistance of the US State Department, a simpler tax system is being drafted. /balkaneu.com/