Under the Production Sharing Contract (PSC) with AKBN
, the bank guarantee was delivered in the form of a letter of credit issued by Texas Citizens Bank NA.
Currently, Xhavo is employed as head of Procedures, Petroleum Directory with the National Agency of Natural Resources (AKBN
Sherwood holds an exclusive right to evaluate and redevelop the Kucova heavy oil field, on completion of a petroleum agreement with Albpetrol ShA, the state-owned petroleum company, and a license agreement with the National Agency of National Resources (AKBN
As previously agreed to by the Albanian National Agency for Natural Resources ("AKBN
"), the Minister of Energy and Industry and Bankers, the decision is a final resolution, and, as such, the Albanian tax authority will recalculate Bankers' tax obligations for 2011 and determine the appropriate mechanism to settle or reimburse Bankers for the payments made to date.