US export bank wants to fund Albanian oil pipeline

Ex-Im Bank’s senior managers have sent a letter to Albania’s Prime Minister Fatos Nano saying that US exporters had contacted the bank about the new thermo-power plant in Vlora, 140km SW of the capital, Tirana, and an oil pipeline passing through the country. “Ex-Im Bank is most interested in pursuing both of these projects,” the letter says.

According to Albania’s government, Albania will build the new oil- and gas-powered thermal power plant at a cost of $112 million. Funding is being provided by the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank, and the Albanian Electro-Energy Corporation. Albania, Bulgaria, and Macedonia have approved the construction of the oil pipeline across the three Balkan countries. The 913-km pipeline will transport 750,000brl/d of oil a day, or 35 million metric tons per year, from the Caspian Sea to the West. The long-delayed pipeline project, which will cost $ 1.2 billion, has already secured about $ 900 million in funding from international banks. “Albania is a very important country for us, and we recognize the tremendous progress the country has made over the past several years,” said Ex-Im Bank, which helps finance projects for the export of US goods and services to international markets

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