Almost 1,000 workers have applied for the early retirement schemes launched by the government as part of the Malta Shipyards privatisation process, Finance Minister Tonio Fenech said yesterday evening.

Speaking during a Nationalist Party activity at the Floriana Granaries in the run-up to celebrations marking Malta's independence, Mr Fenech said the fact that so many workers applied for the schemes was very encouraging.

Following the activity, he told The Times that the number of workers who applied has reached 956, adding that as many as 80 workers signed up just yesterday.

The government had said it believed that the 1,600-strong workforce should be reduced to at least 700 before the privatisation process is initiated. The workforce reduction is also aimed at making the shipyards a more attractive prospect for interested buyers.

Mr Fenech denied that he had promised to give details on the expressions of interest by bidders. Any potential buyer expressing interest in the shipyards was not bound in any way. If the government were to release any details, at least half of the buyers who previously expressed interest would be discouraged. Mr Fenech said he would not jeopardise the privatisation process, apologising to the media for any wrong impressions that could have been conveyed.

On Monday, when the deadline for the expressions of interest closed, the Finance Ministry had issued a statement saying that Mr Fenech would be issuing a statement the following day regarding the expressions of interest. When contacted on Tuesday, the ministry was evasive, saying only that Mr Fenech was "positive" on the expressions received and that it was not in the national interest to disclose further details.

The Malta Labour Party has questioned why the government had a change of heart on the promise to issue an official statement.

Infrastructure Minister Austin Gatt also took part in yesterday's activity. On the price of fuel he said: "I can guarantee that if the price of oil falls below the $85 (per barrel) mark the surcharge will decrease". He said that, in the past, the surcharge always reflected the cost of oil, adding that it would do the same should the price of oil continue to fall.

Last February prices surpassed the $100 threshold for the first time, eventually peaking at $147 on July 1. Since then, prices have been falling steadily, hovering around the $100 a barrel mark in recent days.