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ElectroGas Malta audit results summed up

ElectroGas Malta
·2-min read

ElectroGas

ElectroGas
ElectroGas
ElectroGas

MARSASKALA, Malta, Sept. 18, 2020 (GLOBE NEWSWIRE) -- The results of the audit of ElectroGas Malta were summed up on September 11, 2020. The results of an independent investigation into the implementation of a large-scale energy project in Delimar are impressive. After a thorough review of ElectroGas' operating activities, all stages of the tender process and the construction of the power plant, no violations were found, according to the company's report (https://www.ElectroGas.com.mt/wp-content/uploads/2020/09/publicstatement0004-110920.pdf ).

The start of a large-scale internal audit was the change of the Director's staff. In 2019, 3 new Directors were appointed (note: all this happened against the background of the resignation of shareholder Jorgen Fenek). The ratio of shares of the company is approximately the following: 33.34% each belongs to Fenek, SOCAR Trading and Siemens.

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The media wrote a lot about this global European project. There were always a lot of rumors around this project worth more than 500 million euros, and this check was supposed to dispel them. The work is based on the business model of an independent power producer. Enemalta LNG was sold, but a fixed fee is charged by agreement, regardless of the amount of electricity purchased. At the same time, LNG prices will be fixed until April 14, 2022.

Quick reference: in 2013, the ElectroGas Malta consortium won a tender for the construction of a new 210 MW power plant and an LNG regasification terminal. The project was implemented with the participation of Siemens and the investment company GEM from Malta. The project took a little more than two years to implement, despite the fact that it was launched by 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/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/81822911-6485-4621-8979-459d1033032d