ExImBank wants to help fund new thermo power plant in Albania

Apr 20, 2005 02:00 AM

The US Export-Import Bank, the official export credit agency of the United States, wants to help fund the construction in Albania of a new thermo power plant and a trans-Balkan oil pipeline. ExImBank's senior managers sent a letter to Albania's Prime Minister Fatos Nano saying US exporters had contacted the bank about the new thermo power plant in Vlora, 140 km (87 miles) southwest of capital, Tirana, and an oil pipeline passing through the country.
"ExImBank 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 mm (EUR 86 mm). Funding is being provided by the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank and Albanian Electro-Energy.
Albania, Bulgaria and Macedonia also have approved the construction of an oil pipeline across the three Balkan countries. The 913 km (567-mile) pipeline will ship 750,000bpd of oil, or 35 mm tons (38.6 mm US tons) per year, from the Caspian Sea to the West.

The long-delayed pipeline project, which will cost $ 1.2 bn (EUR 922 mm), has already secured about $ 900 mm (EUR 692.5 mm) 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 ExImBank, which helps finance projects for the export of US goods and services to international markets.

Source: Rogers Media Inc.
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