ElectroGas Malta Limited Has Published a Report on the Open Audit of its Companies

MARSASKALA, MALTA / ACCESSWIRE / September 18, 2020 / The results of an open audit of ElectroGas Malta Limited were summed up on September 11, 2020. The results are published on the company's website in the format of a public statement. As part of the open audit, the mechanisms for concluding contracts related to the Delimara LNG to Power project were also disclosed.

This review was launched in 2019 immediately after the appointment of three new Directors of the company. During the year, a detailed monitoring of the internal legal, economic and technical systems was carried out. The results of the audit showed that there were no signs of receiving shady income as part of the construction of a gas power plant in Delimar with the participation of Siemens Projects Ventures and SOCAR Tracing.

It is known that the management of Electrogas changed after the resignation of shareholder Jorgen Fenech. Fenech was part of the joint venture "jam holdings", which owns 33.34% of the power plant. SOCAR Trading and Siemens Projects Ventures hold 33.34 percent each.

Also, according to Energogas, the audit revealed no signs of any violations at the stage of bidding, construction of the power plant and operating activities of Electrogas. This is a project worth more than 500 million euros for the construction of a new power plant with a capacity of 210 MW and an LNG regasification terminal, which was implemented by ElectroGas Malta with the participation of SOCAR Trading. The tender for this construction was won in partnership with Siemens and the investment company GEM in Malta in 2013.

In 2015, ElectroGas Malta signed a contract with SOCAR giving exclusive long-term rights to supply LNG to Malta for the power plant. The first batch of LNG was delivered to the island in January 2017, thus creating the conditions for Malta to completely abandon fuel oil as a source of electricity generation. As noted earlier by the Prime Minister of Malta, Joseph Muscat, this helped reduce electricity prices for the Maltese population by 25% and contributed to a 90% reduction in toxic emissions into the atmosphere.

In addition, ElectroGas Malta will supply electricity and natural gas to the state-owned energy company Enemalta for 18 years. A project worth more than 500 million euros to build a new 210 MW power plant and an LNG regasification terminal in Malta with the participation of SOCAR Trading was launched in December 2014 and completed in January 2017.

Media contact
Company: ElectroGas Malta Limited
Contact: Olivia Stone
E-mail: info@electrogas.com.mt
Address: Block D, Ta' Monita, Piazza off St Joseph Street, Marsaskala, MSK 1050, Malta
Telephone: +356 2540 1200
Website: https://www.electrogas.com.mt/

SOURCE: ElectroGas Malta Limited

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