Law No. 7853 amending and supplementing Law No. 7746 on petroleum.

This Law lays down several amendments and addenda to Law No. 7746 of 1993 on petroleum. In particular, it adds a specific provision concerning the validity of the Albpetrol Agreement, according to which the competent ministry will issue a licence to Albpetrol to explore, produce and develop petroleum in the area defined in the contract pursuant to the terms and conditions stipulated therein. Further to the Ministry’s approval, the Albpetrol may transfer its rights to other financial international institutions or legal persons, local or international. It may enter into agreements with these bodies, authorizing the other party to explore, develop, and produce petroleum in the areas defined in the contract.