Gasol exits Malta LNG power project

UK-based Gasol said on Friday it is exiting the ElectroGas Malta LNG to power project.

The company has sold and transferred its interests in the ElectroGas Malta LNG project to the other founding ElectroGas shareholders, and is consequently exiting the project after the “successful completion of objectives that are compatible with its customary development-stage role and focus in its non-African activities,” Gasol informed in the statement.

“Following two years of intensive team work on the Malta project, Gasol has capably achieved its important goal of structuring the contractual and interface arrangements for the project, such that the new 215 MW power plant and the LNG import terminal can be built simultaneously,” the statement said.

In addition, the contractual package ensured that the project has been able to raise sufficient financing to cover its construction costs. The project, which has already been under construction for more than six months, is progressing well, according to Gasol.

After Gasol’s exit, the new structure will result in three partners with equal shareholding (33.333 per cent) in ElectroGas Malta: Siemens Financial Services, Socar Trading and Gem Holdings.