Assessment and Integration of Environmental and Social Impacts in Project Selection : The Case of Oil Industry in Albania

Abstract: Sustainable development is becoming more and more essential in the way companies behave and perform. The concern regarding the environment and the society reflects a broader concept and perception on how business should be conducted. The continuous demand for all kind of resources makes it vital and almost inevitable for a company, government and even physical person to embrace and embed in their culture and strategic goals the sustainable development dimensions. In the perspective of project management, the integration of sustainability requires particular attention especially from the decision-makers involved in the field of project management and more precisely in the project selection process. This research aims to examine how this process is achieved by organizations in a sustainable manner, by proper integration in effective tools such as Environmental and Social Impact Assessment. The exploration of theories and models regarding project selection and ESIA helped me in building and elaborating further on a sustainable framework that enhances the need for proper integration and incorporation of environmental and social issues in projects. This paper concludes that the most efficient way to benefit from the opportunities that the surrounding environment brings in a project area is to assess such impacts and integrate them since the corporate strategy crafting and the initial phase of project selection process