Workshop on Raw Materials transactions from State-Owned Companies / Commodity Trading

Workshop on Raw Materials transactions from State-Owned Companies / Commodity Trading

June 30, 2018
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In June 29th, FIAA Representatives in the Multi-Stakeholders Group at the Albanian EITI Secretariat were present in the Workshop for the presentation of a Transparency Assessment prepared by Deloitte Audit Albania in accordance with the EITI Standards requirements for the Albanian Oil Sector.

This Assessment was carried out due to the initiative of the International Secretariat in Oslo which invited Albania to be part of a Pilot Project for Commodity Trading.

The oil sector has historically been one of the strategic importance sectors and an important contributor to the country’s economic development with considerable reserves. The EITI requirement seeks to provide the necessary transparency, on how much State-Owned Companies in EITI countries benefit from  volumes sold and revenues received from oil, gas and minerals and how much these revenues are transferred to the state budget.

In this sector, Albpetrol sh.a. is the only joint stock company with 100% of shares owned by the Albanian state. The main role of the company is the production and trading of petroleum products and the monitoring of Petroleum Agreements.

The main purpose of this Report is to Review and identify the transparency gaps in the crude oil trading value chain, in consultation with the Albanian EITI, the MSG and the responsible government institutions; Ensure the capacity building of MSG and Albania EITI for transparency in the trading of crude oil; Produce a Final Report on Crude Oil Trading that addresses identified gaps and relevant recommendations.

This Report analyzes the new EITI International requirements for transparency in the oil and gas trading process from producing countries, by verifying the viability of EITI 26 Guidelines for the first Sales.


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