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Thursday, November 25, 2010 1:00:31 PM
It is well documented that Bankers Petroleum is working towards capacity of 24,500bopd and my hope was Sonoro would have a role to play in upgrading oil Bankers produced. Reading thru a Bankers PR I noticed a reference to ARMO Refinery (http://www.armorefinery.com/index.php?id=33) (select English in the top right corner)
On Armo’s site it mentions, “ARMO Company and Bankers Petroleum signed in Tirana a long-term cooperation agreement, which guarantees the supply of ARMO’s refineries with the gross oil that Bankers drags out from the underground of the territory of Albania.”
On Bankers website, “In a signing ceremony on November 5, 2010 in Tirana, Albania attended by Deputy Minister of Economy, Trade and Energy, Mr. Sokol Dervishi, President of the Albanian refinery ARMO, Mr. Rezart Taci and President and CEO of Bankers, Mr. Abby Badwi, it was announced that ARMO has agreed to buy significant volumes of Patos-Marinza 2011 production at an average price of 64% of Brent oil price. Deputy Minister Dervishi thanked both parties for this cooperation and commented "signing of this very important contract will increase the domestic refining capacities and as a result of that will create many jobs and provide better working conditions for Albanian citizens".”
Here are a few reasons I believe this development has a negative impact on Sonoro:
1. The Albania government owns 15% of ARMO – Vested interest
2. Sonoro generators have limited benefit to the Albania economy compared to a refinery, in Albania, that has invested over $120 Million in upgrades
3. An environmental assessment “delayed” the construction phase of our pilot in Albania. Environmental assessments are requested by a local government, Is this coincidence?
4. Agreement to buy “Significant volumes” at an average price of 64% of Brent oil price means Sonoro upgrading is not involved in this transaction.
5. After “Significant volumes” have been purchased how much oil will be left for Sonoro to upgrade?
My guess is Sonoro has effectively been squeezed out of Albania deal due to Bankers need to keep the Albania government happy. If my suspicion is true it means the Sonoro Albania PR won’t be much to crow about (perhaps an announcement of upgrading a few thousand bopd but nowhere near the larger numbers I expected). I believe this is why we have not seen PR relating to Albania.
It does seem to fit Sonoro’s style (think of the Alberta upgrader), no good news to report so they simply don’t report anything until they have something better to announce (Albania).
I am still long on Sonoro (Iraq could be HUGE) but do believe this to be a bit of a setback if true.
On the positive side, Albania should still represent a proving ground for our technology.
Interested to hear others comments.
Good luck to all.
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