Bankers Petroleum said it has signed an agreement of a conditional domestic offtake crude oil sales agreement with Ionian Refining and Trading Co.
The move will become effective upon receipt by Bankers of the Albanian Government’s approval of the firm’s drilling program for the fourth quarter of this year.
Once the deal has been signed off Bankers Petroleum will be able to sell up to 65% of its crude oil production under the agreement.
Deliveries are expected to be made from October through to the end of December next year.