18 Jul Cash flows in the extractive industry
EITI Albania is the Extractive Industries Transparency Initiative which conducts its activities within the membership to the world organization of Extractive Industries Transparency, EITI International, which aims to encourage the countries rich in natural resources (oil, gas, minerals various quarries etc..), for the economic and social importance that this industry brings to incomes that are collected and how they are administered.
In the frame of the objectives as a EITI compliant country, dedicated entirely to the Public transparency, EITI Albania published its third report of Transparency for Fiscal Year 2011.
This report summarizes information on the reconciliation of fiscal and non-fiscal revenues from extractive industries in Albania as part of the implementation of the Extractive Industry Transparency Initiative (EITI) in Albania. In this context, companies and the Albanian government, respectively reported payments and revenues from extractive industries for mineral rent, profit tax, oil on production sharing, signing bonuses and other payments related to extractive industry. This report includes revenue collected by the state company Albpetrol, from the companies under its administration and Albpetrol income contributes to the state budget.
This is the third report published by Transparency Initiative and includes payments and revenues in 2011. Two other reports published earlier, respectively, for the years 2009 and 2010.
67 extractive companies and 7 state institutions are involved in the reconciliation process. 2011 EITI report is prepared according to the new EITI standard 2013.
The report produced disaggregated data for each company and for each source of income.
Revenue generated from the extractive industry for 2011 are in total 9.316 million Lek. Oil and gas sector and mining sector generated respectively 81% and 19% of these revenues. These revenues include oil production amounted to 3.558 million Lek, collected from Albpetrol for the production licenses under his administration. Albpetrol, as a licensed society, paid rent mining tax on profits and dividends in the amount of 741 million Lek in total.
2011 EITI report produced by an independent administrator using the International Standard on Auditing applicable to the services of this type (ISRS) 4400: “Commitments to proceed according to the agreed-upon procedures regarding financial information”.
Preparation of this report was supported by the World Bank and this report was reconciled from Deloitte Albania.
More information about EITI in Albania will be available at www.albeiti.org
To read the full report click here.