The SOCAR project on construction of a gas power plant in Malta will work until the end of the year. It is expected that at the end of the year the first phase of the project will start.
According to a source, it was initially planned to run the power plant this summer, but there were some difficulties with the construction of a floating barge in Singapore. Now it is expected that the first phase of the project will be launched at the end of the year.
Note that the power output will be 210 megawatts.
To implement the project of construction of a gas power plant in Malta a consortium was chosen under the name Electro Gas Malta, in which SOCAR is represented by a subsidiary of the trader company SOCAR Trading. The consortium owns 20 percent stake. SOCAR Trading is represented in the project also as a supplier of liquefied natural gas (LNG), floating plants for storage and equipment for its processing.
Construction of the plant is estimated at 175 million euros, and its capacity will provide up to 50 per cent of Malta's energy needs. -0--
Economics
-
The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
-
Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
-
The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
-
In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
Leave a review