SOCAR Trading to increase LNG supplies to Malta

By Azernews

By Rashid Shirinov

The ElectroGas Malta consortium sees great potential for growth in gas demand for electricity production at the gas power station in Malta, which is caused by an increase in tourist flow, the consortium told Trend on August 22.

It was commenting on the possibility of increasing the supply of liquefied natural gas (LNG) by SOCAR Trading to the gas power station in Malta.

“The government of Malta is paying great attention to the growing tourism industry on the island and provides subsidies to local hotels to attract more tourists. This leads to a higher demand for electricity (for example, because of the additional use of air conditioners, etc.),” the consortium said.

ElectroGas Malta noted that the additional LNG required for the gas power station will be supplied by SOCAR Trading.

The consortium, in which SOCAR is represented by its subsidiary SOCAR Trading owning a 20 percent stake in ElectroGas Malta, was created to implement the project of construction of a gas power station in Malta. The other shareholders are German Siemens Project Ventures and Maltese GEM Holdings.

SOCAR Trading is also represented in the project as a supplier of LNG (6-7 batches per year), a floating installation for its storage and equipment for processing.

The company with headquarters in Geneva was established by SOCAR at the end of 2007. Presently, SOCAR Trading sells the bulk of SOCAR’s crude oil exports from the Turkish port of Ceyhan, trades oil and oil products of other countries, and assists the parent company in connection with international investments. SOCAR Trading’s field of activity covers the countries of Europe, Asia and America.