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'Piranjat' (investigative show in Albania) have discovered that the company contracted by the Albanian Power Corporation to bring the ships that will produce energy in the Port of Vlorë is offshore and registered in the state of Delaware in the United States.
Data obtained through official documents reveal that the application made by the company that signed the contract with the Albanian Power Corporation bears the name 'Excelerate Energy,' but in reality, a total of three companies are involved, two of which are registered in a tax haven state, local media say.
In the offer submitted to the Albanian Power Corporation, it appears that the application was made by the prestigious firm 'Excelerate Energy,' and the offer is accompanied by its logo. However, when you read the documents inside, the registration certificate shows the registration of another company: 'Excelerate Global Operations LLC.' Moreover, the person who signed the offer is Daniel Bustos, the head of a trading unit of another 'Excelerate,' namely, 'Limited Partnership.'
Both companies, 'Excelerate Global Operations' and 'Excelerate Energy Limited Partnership,' are based in Delaware, a state known as a tax haven, which maintains the anonymity of the owners of companies registered there.
The trick is simple. In the documents that need to be signed, the name 'Exelerate Energy Limited Partnership' is shortened to 'Exelerate' for the title's effect, giving anyone the impression that they are dealing with 'Exelerate Energy,' the large American company listed on the stock exchange. However, in reality, this is not the case, as a search on the 'Excelerate Energy' website reveals that this serious company has no ongoing projects in Albania and never has.
Despite all these legal issues, the offer for the two thermal generation assets was immediately accepted by the Albanian Power Corporation, and on April 4, 2022, the Corporation signed a 2-year contract with 'Exelerate Global Operations LLC,' which is one of the two Exelerate offshore companies, even though the offer was signed by the trading head of 'Exelerate Energy Limited Partnership.'