BankersPetroleum Bankers Petroleum Ltd. (Bankers or the Company) is a Canadian-based oil and gas exploration and production (E&P) company, exclusively focused on Albania.  The Companys primary asset is the Patos Marinza heavy oilfield, in which it holds a 100% interest and right to full operatorship as it gradually takes over the field from Albpetrol, the Albanian national oil company in the next few years. In 2008, Bankers has launched a strategic plan for Patos Marinza development, aiming to increase oil recovery rates and production over the next several years through application of primary and enhanced oil recovery methods. Bankers has recently acquired 100% interest in a nearby oilfield, Kucova, development plans for which will be prepared in 2009-2010 based on the evolving economic environment. The Companys strategy is to remain focused on E&P activities in Albania.  Bankers has invited IFC and European Bank for Reconstruction and Development (EBRD) to provide a financing package to help finance the development of its Albanian assets, and in particular, the Patos Marinza development plan. Fit with the World Bank Group Strategy:  The World Bank Groups (WBG) FY2006-2009 Country Assistance Strategy (CAS) for Albania focuses on two key pillars: (i) continued economic growth through support to private sector development; and (ii) improving public service delivery, particularly in the social sectors.  Within the integrated WBG strategy, IFCs particular development objectives in Albania are to (i) facilitate privatization and promote private sector investments in infrastructure; (ii) promote export competitiveness of the economy through support of local export-oriented companies; (iii) improve investor confidence and help increase foreign investment inflows; and (iv)  promote market liberalization through encouraging fair practices and effective competition. The proposed investment will be closely aligned with this strategy.   Development Impact:  The Project is expected to generate the following development impacts:  Developing domestic energy resources Albania is not a major hydrocarbon producer but has possibly sizeable heavy oil reserves, which if developed with the help of advanced technologies can help increase domestic oil output. The proposed investment will help Bankers accelerate oil recovery from the Patos Marinza field (and possibly at a later stage, the Kucova field), and promote greater private investment and participation in Albanias energy sector.   Attracting foreign direct investment Albania needs increased foreign direct investment(FDI) to develop its hydrocarbon sector, as well as other sectors of the economy.  The Companys investment in the project would make Bankers one of the countrys largest foreign investors in this sector. IFCs direct involvement will help stimulate the much needed FDI inflows in Albania.   Contribution to government revenues   The project will generate substantial revenue flows to the Albanian government. The capital investment program and incremental oil production as a result of the proposed investment will result in direct economic benefits in the form of increased fiscal receipts, through income taxes (50%), royalties to the Government of Albania (10%) and Albpetrol (1-5%).   Development of local skill and, technology transfer Most of the staff working in the Companys operations are Albanian nationals. The Company directly employed about 200 staff in Albania at the end of 2008.  The Project is expected to contribute to further development of local skills, and transfer of knowledge and technology for heavy oil extraction, both of which will aid in the future development of the Albanian oil industry.   Potential contribution to environmental remediation efforts The Company seeks to conduct its operations in line with good international practices. Its progressive development of the field, as existing Albpetrol operations are taken over, will result in an incremental decrease of pollution and considerable clean-up in working areas, as well as reduction of health and safety risks to the communities as the initial clean-up of contaminated locations will help halt leakage from poorly abandoned equipment and ongoing pre-existing Albpetrol activities. In addition, the Company will also potentially support plans that may be developed by the public sector to undertake wider environmental remediation activities of areas affected by Albpetrols historical operations in the field, in conjunction with Albpetrol and other Albanian government agencies.   IFC plans to monitor the following development impacts: (i) payments to the government; (ii) employment created / maintained; and (iii) provision of training to local staff.