Albania: Profit of companies OSHEE, OST and KESH EUR 104 million in 2016.

, SEE Energy News

The Albanian Ministry of Energy announced that profit of OSHEE company in 2016 amounted to EUR 85 million, KESH company EUR 12 million and OST company EUR 7 million. Gross profit of these companies was EUR 104 million.

In the past three years KESH, OSHEE and OST invested EUR 340 million, while the value of investment plan for 2017 is EUR 180 million.

Minister of Energy and Industry Damian Gjiknuri said that reforms in the Albanian power sector were estimated to be very successful in the reports of reputable international institutions such as the International Monetary Fund, World Bank and rating agencies Standard & Poors and Moody’s.

He added that measures taken have had a positive effect on public finances, by releasing the budget from heavy burden of this sector that threatened to jeopardize the public finances. Only in the past three years EUR 170 million was paid for taxes, which is a direct contribution to the state budget. The indirect impact is around EUR 135 million, through the reduction of budgetary support for state guarantees in the period from 2013 to 2017.

According to the minister, the level of losses is at a record low, 28.04% (in 2013 losses amounted to 45%). Collection rate in the last year was increased to 86.6% from 66.7% in 2013.

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