Albania risks facing another financial bill from an international arbitration process, related to a conflict between the Albanian government and the company GBC Oil Co. Ltd. According to data, the arbitration court has ruled in favor of the company, forcing the Albanian state to pay $13 million as a result of the breach of three agreements.
The case involves GBC Oil Co. Ltd, represented by the international company Omni Bridgeway, which turned to the International Court of Arbitration to resolve its dispute with the Albanian government. As a result of this process, the arbitration ruled that the Albanian state should pay the company 13.3 million euros for the mineral royalty, as well as 1.6 million euros in legal costs.
Meanwhile, the Democratic Party, through a statement by anti-corruption spokesperson Genta Vangjeli, denounces the Government and Prime Minister Edi Rama for having cost Albania 200 million euros lost from arbitration decisions. "Once again, due to the government's irresponsibility and mismanagement, the country risks facing a bill that weighs heavily on Albanian citizens," said Vangjeli.
statement
While the Berisha government has only lost 1 case in Arbitration, the one for the construction of the Gjirokastër-Tepelena road segment under a 2005 contract, the Rama government has 13 cases in arbitration and recognizes the initial liability of at least 197.2 million euros related to arbitrations.
Once again, due to the government's irresponsibility and mismanagement, the country risks facing a bill that weighs heavily on Albanian citizens.
It concerns a conflict involving the Albanian government and the company GBC Oil Co. Ltd, represented by the international company Omni Bridgeway, which turned to the International Court of Arbitration to resolve the disputes.
As a result of this process, the arbitration court decided to fine the Albanian state.
For the execution of this decision, the beneficiary GBC Oil has authorized the company Omni Bridgeway, which is carrying out legal procedures.
The case Omni Bridgeway Limited v. Ministry of Infrastructure and Energy of the Republic of Albania, with number 1:23-cv-01938, has been reviewed in the US District Court, which recognized the arbitration award and ruled in favor of the company.
The Albanian government's Arbitration obligations have been published in the report of the Ministry of Finance on budget implementation, part of which is also
– The issue of the termination of 3 hydrocarbon agreements with GBC OIL Company.
In this matter, the Albanian state has recognized the obligation to pay the plaintiff GBC OIL Company 13.3 million euros in royalties as well as 1.6 million euros in legal costs.
Although it has long been aware of this obligation, the Albanian government has not executed it.
Under these conditions, the company Omni Bridgeway has approached the American court to request authorization to confiscate Albania's sovereign assets, a scenario reminiscent of the case of the seizure of Albcontrol funds in the conflict with Francesco Beçhetti.
