CEO of ElectroGas Malta consortium: “I experience SOCAR as a reliable, highly competent partner with a huge experience and expertise”

Valetta.12 January. REPORT.AZ/ Yesterday subsidiary of State Oil Company of the Azerbaijan Republic (SOCAR) – SOCAR Trading delivered first LNG party for ongoing in Malta LNG-to-Power (Liquified Natural Gas) project. We present interview with Chief Executive Director (CEO) of ElectroGas Malta consortium Franz Doefler:

- What was your experience with SOCAR so far? What is the role of SOCAR in the project?

- Having worked in various international projects, I experience SOCAR as a reliable, highly competent partner with a huge experience and expertise. The specialists of SOCAR know what they are talking about and one can see at once that the Delimara power plant is not their first such project.

- What is the cooperation with SOCAR in the framework of this project and are there future plans?

- The role of SOCAR comes into being on two levels; as a shareholder with an equity of 33 % in an international consortium forming ElectoGas Malta, and as sole gas supplier. As for future plans, there is nothing in the pipeline for the moment. However, with oil still fueling a sizeable part of Malta’s electricity production, there is a potential to satisfy the whole country’s demand with two environmental friendly LNG powered plants, the Delimara plant being the first one.

- What are the advantages of the realized project for Malta?

LNG fueled plants using modern technology are cheaper to run. Now that gas is available, the highly efficient new power plant in Malta can provide cleaner power. The plant uses modern, efficient and safe technologies in line with international best practices. With the commissioning of the Delimara power plant, Malta not only catapults itself to the forefront of producing environment friendly energy, it will also be in a position to offer the most competitive electricity tariffs in Europe.

- What volumes of LNG will be supplied annually?

- The plant will process some 700’000 m3 of LNG - currently supplied by SOCAR Trading - per year, delivered in six cargos.

- What is the approximate cost of the project and how was it financed?

- The total investment for the plant amounts to EUR 500 million, financed by an international consortium of banks and the partners of ElectroGas Malta.

- With the completion of the first phase today, when will the plant start delivering electricity?

- With the completion of the construction, the plant is now ready for taking gas and will be delivering electricity in about half a year.