'Alb-Petrol' Closure Imminent, 3700 Jobs at Risk
Albanian Daily News
Published March 3, 2018
After a practical failure of "ARMO" Oil Company the Albanian government is implementing a plan which aims "Alb-Petrol" closure through a restructuring scheme where the state will only manage hydrocarbon deals. But this plan put at risk more than 3700 jobs.
'Alb-Petrol' debts are more that EUR 100 Million while the company's assets value is calculated in EUR 347 Million.
The first variant that is being currently considered by the government foresees the dismissal of 3700 employees that would be given full salary for one year and 70% of the salary in the next year. Through this financial scheme the government aims to avoid protest and mitigate the social impact deriving from company's closure.
The 2nd variant foresees company's restructuring. Even in such case the state keeps the rights of deals management but specific sector may be put on sale.