SOCAR Project in Malta to Be Implemented This Year

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--