Update July 2015 - Gasol sells its interest in ElectroGas Malta
having completed its development stage role - see announcement.
Gasol is part of ElectroGas Malta which was
recently awarded preferred bidder status for the Malta LNG-to-power
ElectroGas, an International Consortium made of:
- Gasol (30% Equity)
- SOCAR Trading SA (20% Equity)
- GEM Holdings Ltd (30% Equity)
- Siemens Projects Ventures (20%
has been announced as preferred bidder after a two-phase bidding
process, where nineteen bidders initially registered interest in
Siemens Project Ventures (20% equity)
Siemens joined ElectroGas as an equity sponsor as well as EPC
Contractor & O&M Contractor.
Socar Trading SA (20% equity)
Socar Trading (STSA) joined ElectroGas as LNG Supplier, provider
of FSU and regas equipment, and as an equity sponsor
- STSA is a 100% subsidiary of SOCAR, rated BBB- by Fitch
GEM Holdings Ltd (30% equity)
GEM Holdings Ltd, a separate corporation for the Maltese
investors, has been set up to jointly hold their equity stake in
- All are prominent businessmen with extensive knowhow
Key facts on the Malta LNG to Power Project
||Provide mid-sized FSU to be docked in
Delimara, Malta to supply gas from LNG deliveries, and develop a
210 MW IPP.
||The regasified LNG will be supplied to
Enemalta's existing 149MW power plant, which will be converted to
operate on gas, and also to a new 210 MW independent power plant to
be built, owned and operated by ElectroGas.
||Current cost of electricity generation is
very high in Malta. This project will significantly lowers Malta's
Natural gas is a cleaner, less expensive fuel compared to liquid
fuels and offers significant economic and environmental benefits
||ElectoGas Malta Consortium awarded
Preferred Bidder status on 13 October 2013.
||Gas Supply Agreement (GSA) & Power
Purchase Agreement (PPA).