Terraoil, an onshore Albanian oil producer, is pleased to announce that in December 2018 the Company signed an agreement with Eni Trading & Shipping S.p.A. ("Eni"), in respect of the sale and purchase of Albanian crude oil. The companies are also considering the possibility of other future collaboration.
The initial term of the sale and purchase agreement is from 1 February 2019 through to 31 January 2021.
Additionally, Terraoil and Eni have a mutual interest in pursuing a long-term strategic relationship in respect of Terraoil's crude oil, NGL and ethane production in the Albanian region.
We are extremely pleased to have signed this agreement with Eni. It is a testament to our assets and the continuing hard work of our team that a global player such as Eni is interested in establishing an ongoing supply contract with Terraoil.
There are several logistical advantages to the collaboration between the two companies, including proximity to Eni's Italian refineries and the oil major's shipping capabilities. Furthermore, working with a global oil company will help provide a strong platform on which to build our future growth.
We look forward to having a positive working relationship with Eni for the mutual benefit of both companies.