Identification of supply chain manager in Albania shows ‘Pennine means business’
It’s about speed, it’s about efficiency and it’s ultimately about transparency.
As part of Pennine Petroleum Corporation’s (TSX-V: PNN) recent activities in establishing a legal entity branch office in the Albanian capital of Tirana, one of the company’s key accomplishments has been identifying a supply chain manager who’ll be ready when PNN activities begin in earnest in the southeast European nation.
PNN’s supply chain manager in Tirana will handle both import and export contracts for human resources, inventory control of goods and services in the area of drilling and production, and delivery of products to regional refineries or export facilities.
“We believe this is a very important step in the area of transparency. The feedback we’ve received from others ‘in the know’ tells us that they understand its significance, too,” says Pennine’s Chief Executive Officer N. Desmond Smith, who has overseen finance control for numerous international public and private companies throughout his 40-year career.
“By establishing inventory and contract control for our future operations in Albania and other countries in the region, we’re telling the market that in terms of logistics, everything involving Pennine Petroleum will be ‘on the square.’ ”
Albania’s national government is working through the final regulatory stages of Pennine’s Production Sharing Agreement (PSA) for the Velca Block, at which point PNN will begin reviewing geological and geophysical data for its first well in the 306-square-kilometer concession in southern Albania.
Pennine’s logistical rigor in establishing its future international business relationships has also included the following considerations:
- Identifying an international bank to represent PNN in all of its potential jurisdictions in eastern and southeastern Europe;
- Ensuring that Pennine’s auditor, EY, is present in all of these jurisdictions; and
- Establishing a relationship with Export Development Canada (EDC), Canada’s export credit agency.
“These steps may be considered routine or uninteresting by some,” says Mr. Smith, “but what it really tells the business community in the jurisdictions where we plan on establishing a footprint is that Pennine means business.”