According to current plans, the pipeline route will terminate at the Albanian port of Avlona, although due to environmental concerns, government sources suggested that the pipeline’s final destination will be Porto Romano instead.
The project was first planned in 1994, but has suffered delays due to uncertainties about whether there was sufficient demand. An initial agreement between the governments was signed in 2005, at which time the Albanian prime minister, Fatos Nano, was quoted as saying that “This is one of the most important infrastructure projects for regional, EU, and Euro-Atlantic integration for the western Balkans.” At the time, AMBO president Edward Ferguson said that work on the pipeline would begin in 2005, although there have been further delays.
AMBO has raised about $900m from the Overseas Private Investment Corporation (OPIC) - a US development agency - the Eximbank, and Credit Suisse First Boston, among others, to finance the project, which has the firm support of the European Union. Analysts have said that oil companies such as ChevronTexaco, Exxon Mobil, and BP, will be pleased is this alternative route is opened-up to avoid exporting oil via the Bosporus and Dardanelles Straits.
