Enemalta and a Maltese-Italian consortium have signed a draft agreement for the privatisation of Enemalta's gas division. The new company is binding itself to invest €25m in a new gas bottling plant once a final agreement is reached.

The governemnt announced that the agreement was signed between Enemalta ,Gasco Energy Ltd. and Liquigas Malta Ltd., two joint venture companies between Multigas Limited and Liquigas S.p.A. of Italy.

The agreement will be the basis for the final agreement, pending parliamentary approval of a sub-emphyteutical deed.

When the final agreements are signed, Enemalta will be transferring the management and operation of its LPG (Liquified Petroleum Gas) activities to Gasco Energy Ltd. and Liquigas Malta Ltd.

The Gasco consortium was chosen following a competitive tender issued by the Privatisation Unit within the Ministry of Finance, the Economy and Investment.

Gasco Energy Ltd. will be building and operating a new state of the art and fully certified LPG bottling and storage facility at Bengħajsa with an investment of over €25 million. The new storage and bottling plant will fully respect the EU stringent criteria as established in the Seveso II Directives, recently adopted by Malta.

The documentation was initialed by Enemalta chairman Alex Tranter, Multigas chairman Louis A Farrugia and Paolo Dal Lago, chief executive of Liquigas S.p.A., on behalf of Gasco Energy Ltd. and Liquigas Malta Ltd.

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