Gasol has announced that as part of a consortium called Electrogas Malta (Electrogas), it has been selected as the preferred bidder for an LNG-to-power project in Malta.

The consortium was chosen by Malta’s state power utility Enemalta, as the country aims to lower its energy costs.

It was selected as preferred bidder after a two-phase bidding process, where 19 bidders initially registered interest in the project.

The Electrogas consortium comprises the West African energy development company Gasol, SOCAR Trading SA, GEM Holdings Ltd and Siemens Projects Ventures, the equity financing arm of Siemens Financial Services.

The project involves the provision of a floating storage unit (FSU) which will be docked in Delimara, Malta, and the regasification of an initial 55-60 mmscf/d of gas from LNG deliveries to Malta.

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 200 MW independent power plant to be built, owned and operated by Electrogas.

The FSU for the project will be provided by SOCAR Trading SA on the basis of a long-term (18 year) charter. SOCAR Trading SA will also have the exclusive right to supply LNG for the project. 

Advantages of floating regasification.

Source: Gasol