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July 04, 2015 12:31 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Bankers Petroleum Albania Ltd.

Company Overview

Bankers Petroleum Albania Ltd. engages in oil and gas exploration and production. The company was formerly known as Bankers International Energy Ltd. The company is based in Fier, Albania. Bankers Petroleum Albania Ltd. operates as a subsidiary of Bankers Petroleum Ltd.

Lagjja Kastriot

Rruga Vasil Pecuke

Fier,  

Albania

Founded in 2004

Key Executives for Bankers Petroleum Albania Ltd.

President and General Director
Age: 68
Vice President and Deputy General Director
Deputy General Director
Compensation as of Fiscal Year 2015.

Bankers Petroleum Albania Ltd. Key Developments

Bankers Petroleum Albania Ltd. Reaches Full and Final Settlement with BP Oil International Limited in Connection with the September 2013 Lawsuit

Bankers Petroleum Ltd. announced that Bankers Petroleum Albania Ltd. (BPAL), has reached a full and final settlement with BP Oil International Limited (BPOI) in connection with the September 2013 lawsuit initiated by BPOI against BPAL at the High Court of Justice in London, England. The settlement is for a payment by BPAL to BPOI of USD 16.5 million inclusive of all costs and interest. The lawsuit was brought in connection with the termination by BPAL in November 2012 of a long term oil supply contract between BPAL and BPOI and initially sought damages of up to USD 54.2 million for, among other things, the alleged wrongful termination of such agreement. BPOI's claim had recently been revalued at USD 37.4 million to reflect movements in oil price since September 2013. As part of the settlement, neither party admitted to wrongful or illegal conduct, and both parties' claims and counterclaims will be dismissed.

BP Oil International Ltd. Files Claim in Commercial Court of England and Wales Against Bankers Petroleum Albania Ltd. over the Termination of a Crude Oil Sales Contract

Bankers Petroleum Ltd. announced that a claim has been filed in the Commercial Court of England and Wales against the company's subsidiary Bankers Petroleum Albania Ltd. by BP Oil International Ltd. in connection with a dispute between BPAL and BPO over the termination by BPAL of a crude oil sales contract between BPAL and BPO. BPO has alleged that BPAL wrongfully terminated the contract and is seeking damages of approximately $54 million. The company and BPAL believed that BPAL was fully within its legal rights to terminate the contract, that BPO's claim is without merit and that, in any event, BPO's estimate of damages is exaggerated. The company intends that BPAL will vigorously defend the claim.

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