Chinese-owned Bankers Petroleum Albania (BPAL) said on Tuesday it is concerned over the legality and proportionality of measures taken by Albanian authorities in an ongoing investigation into alleged tax evasion, which has led to the arrest of nine former and current executives of the company, including CEO Hongping Xiao. Investigation included months-long surveillance on telecommunications and seizure of personal and work-related items belonging to its staff, BPAL said in a press release.
“The company is providing full legal support to all affected staff and guarantees full legal representation at every procedural stage, strongly supporting their right to a fair and impartial process,” BPAL said.
Earlier this month, Albanian prosecutors told the first instance court in Fier that from 2004 to 2024 BPAL had continuously reported annual losses, despite generating over 532 billion leks ($6.37 million/5.45 million euro) in domestic and export sales from the Patos-Marinza oil field. The company has inflated expenditures to avoid taxes and obtain VAT refunds, according to the prosecutors.
Last week, BPAL announced the appointment of Andrija Kojakovic as supervisory board chairman tasked with overseeing dialogue with Albanian authorities.
Bankers Petroleum, founded in Canada, signed a 25-year production sharing agreement with the Albanian government in 2004, obtaining the full rights to develop the Patos-Marinza and Kucova oilfields in southern Albania. The company was acquired by Chinese-based oil and gas company Geo-Jade Petroleum Corporation in 2016.
(SeeNews, July 22, 2025)
