Petromanas supports investment agreement between Albanian and Canadian governments

Petromanas Energy Inc. (“Petromanas” or the “Company”) (TSXV: PMI) today announced its support for a foreign investment and protection agreement (FIPA) concluded between the Canadian and Albanian governments and announced by the Honourable Ed Fast, Minister of International Trade.

“Conclusion of this investment treaty will help strengthen the bonds between our governments and should support improved opportunities for Canadian companies, like Petromanas, with operations in Albania,” said Glenn McNamara, CEO of Petromanas.

A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market’s policy framework, a FIPA gives businesses greater confidence in investing. Once in force, the agreement with Albania is expected to facilitate investment flows between the two countries, thereby contributing to job creation and economic growth in both countries.

energjia.al 30.11.2013