Gasol plc has recently sold and transferred its interests in the ElectroGas Malta LNG Power project, thereby exiting the project after a succession of successful achievements. Gasol’s interests have been sold to the other founding ElectroGas shareholders.
In its two years of work on the project, Gasol has accomplished its aim of structuring the contractual and interface arrangements for the project, such that the new 215 MW power plant and the LNG import terminal can be built simultaneously.
Gasol’s COO, Alan Buxton, commented: “We have enjoyed working closely with the other sponsors of the ElectroGas project and we are confident that the project is moving ahead with a firm foundation and a secure future. We believe that the remaining shareholders, two major corporates together with a local strategic investor, are in a good position to take the project to its next stage, through the construction phase, and that Gasol is better served by redeploying its capital and human resources to the more comprehensive and fully integrated development of projects in its historically traditional, geographical focus on the Western and Central African region.”
The LNG project has been under construction for over six months and it is progressing well.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27072015/gasol-sells-interest-in-malta-lng-project-1068/