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Albanian Times, April 16, 1996From: Albanian Times <AlbaTimes@aol.com>The Albanian Times (by AlbAmerica TRade & Consulting International) DirectoryCONTENTS[1] Albania's Economic Growth Highest, Experts Say[2] Fountain Oil Reports Revenue[3] Italian Company to Build Power Plant on Vjosa River[4] E-U Approves Food Shipments to Albania[5] Scanty State Funds For Irrigation[6] Filigree Firm Selling Abroad[1] Albania's Economic Growth Highest, Experts SayGENEVA, April 15 - Albania is leading Eastern European nations with economic growth hitting a peak of 13,4 per cent, a UN annual economic report said. On the average, economic growth in Eastern Europe has risen to 6 per cent, the report said. According to UN analysts, Eastern and central European countries that are emerging strongly from the recession sparked by the collapse of communism could be headingd for further growth this year The analysts' assessment came in the annual report on European and North American economies issued by the Geneva- based Economic Commission for Europe (ECE). "Eastern Europe now stands out as an area of rapid growth,'' said the report, Economic Survey of Europe 1995-96. However, differences were growing between a core group of economies -- the Czech Republic, Hungary, Poland, Slovakia and Slovenia as well as Romania and Albania -- and most of the states of former Yugoslavia and Bulgaria. In a note of caution, the ECE analysts said that although overall eastern Europe continued to work its way out of recession, full recovery ``is still some years ahead.'' Output in all countries of the area -- the ex-Soviet bloc states, the former Yugoslavia and Albania -- was still an average of 15 per cent below the levels before communist rule dissolved at the end of 1989 and they began the transition to market economics, the Survey said. And it said it would ``still be premature to be overly optimistic about the economic prospects of these countries'' because it remained to be seen if the high rate of growth of some of them could be sustained. Worst recorded performances came from Bulgaria and Macedonia, with two per cent, and from Croatia which declined by 1.5 per cent. Western Europe absorbs 50 to 60 percent of the exports from the Central and Eastern European states. (Albanian Times, ANSA, Reuters)
[2] Fountain Oil Reports RevenueHOUSTON, April 15 - Fountain Oil Incorporated, a company seeking joint venture in Albania, reported that its revenue for the quarter ended February 29, 1996 amounted to $44,085, compared to $442,364 for the comparable period last year. The net loss for the quarter was $1,644,260 ($0.15 per share), compared with a loss of $1,497,747 ($0.23 per share) for the quarter ended February 28, 1995. During the second quarter of fiscal 1996, Fountain's investment in and advances to various oil and gas ventures in Eastern Europe increased by $613,505 to $3,504,392. A production license for the Gorisht-Kocul Field was executed last week by the Albanian Minister of Mines and Energy and has now been forwarded to Albpetrol, the Albanian national oil company, for signature. Albpetrol is to be the Company's joint venture partner in the development of the Gorisht-Kocul Field. The joint venture agreement and license will then be submitted to the Council of Ministers of Albania for approval. (Albanian Times)
[3] Italian Company to Build Power Plant on Vjosa RiverDetails concerning funding and equipment for building a new power plant in southern Albania have been concluded between the Rome based Italian business group Becchetti and the Albanian Energy Corporation, KESH. The hydro power plant is to be built at Kalivac on Vjosa River and will have an annual output estimated at 350 million kW/hrs. (Albanian Times)
[4] E-U Approves Food Shipments to AlbaniaPARIS, April 12 - The European Union has approved 3,000 tons of French soft wheat to Albania. The shipments to Albania and other countries were approved by the cereals management committee and are for loading in April. (Albanian Times, Reuters)
[5] Scanty State Funds For IrrigationTIRANA, April 16 - Albanian government has allocated an estimated 13 million leks (about $130,000 to rehabilitate the nation's irrigation system ahead of the water needy season. The scanty investment will be used to clean irrigation canals and replace cement slabs, which in many villages have been reported stolen by house builders. (Albanian Times)
[6] Filigree Firm Selling AbroadTIRANA, April 15 - A Shkodra filigree firm is trying with some success to establish businees contacts in Italy, Great Britain and Greece. The private company is employing 80 workers from 30 in September 1993 when it was created. It now sells about 400 silverware designs and has borrowed no capitals from banks. (Albanian Times, ATA)
The material was reprinted with permission of AlbAmerica Trade & ConsultingInternational. For more information on ATCI and the Albanian Times, pleasewrite to AlbaTimes@aol.comCopyright (c) ATCI, 1996 |
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