Comments on: Malta power station company quietly seeks delisting from AIM index of London Stock Exchange. Says that it is unable to raise capital from institutional investors and they “do not expect this situation to change in the foreseeable future”.

By: Anthony

Anthony — Sat, 21 Jun 2014 09:28:19 +0000

Stop worrying our precious government. Give them a chance. Let them think, or at least try to do so. Talk will get us nowhere. Let the facts talk.

In the future they will. They are more convincing than words.

Let the greedy buggers do it to themselves; they deserve it, they worked for it and they ought not to be deprived the wrath of God for their omissions.

Daphne, you are a Godsend.

By: La Redoute

La Redoute — Fri, 20 Jun 2014 12:45:17 +0000

In reply to Freedom5. No. GEM holdings has not purchased a share in Malta Power and Gas Ltd. The sole shareholder is Enemalta.

By: Kevin

Kevin — Thu, 19 Jun 2014 23:04:07 +0000

In reply to Min Jaf.

Yes that is exactly what I think will happen. And when the company goes belly up, we’ll be left with a gaping hole and a set of people unable to recover their money.

The PN should have a couple of financial wizards go through the latest accounts – from what I can see the situation in Gasol stinks to high heaven. There are some highly unconvincing figures.

By: ciccio

ciccio — Thu, 19 Jun 2014 20:48:30 +0000

In reply to Freedom5.

Had Enemalta entered into the power purchase agreement with ElectroGas Malta Limited for an 18 year supply of electricity, Enemalta would have issued a detailed statement about such signing and about the implications of such contract to Enemalta.

As you can see for yourself, Enemalta’s list of events on the gas project are still frozen at the issue of the permit which took place in late March 2014.

http://www.enemalta.com.mt/index.aspx?cat=3&art=218

By: Freedom5

Freedom5 — Thu, 19 Jun 2014 19:28:11 +0000

It’s interesting to note that SOCAR, the Azerbaijan oil company, which is indeed active and has a track record, has no mention of any Malta contract, nor of the ElectroGas deal of which it is supposed to be a 20% shareholder.

Its website is very regularly updated, with detailed news items, even about opening of a new petrol station, but no mention of any €360 million investment in the Maltese power plant or securing an 18-year contract.

http://new.socar.az/socar/en/news-and-media/news-archives/news-archives/2014/05

Conversely, the start up company Gasol gives much prominence to the ElectroGas deal (of which SOCAR is supposed to have a 20% stake).

http://www.gasolplc.com/media/19107/20140514__electrogas_malta_acquires_special_purpose_project_company.pdf

Any search for Siemens Project Ventures GmbH in this project also yields nothing.

Finally, has the 30% Maltese shareholder of ElectroGas, GEM holdings, purchased its shareholding in a Malta Gas and Power Ltd (MGPL)?

By: Min Jaf

Min Jaf — Thu, 19 Jun 2014 17:04:11 +0000

How long now before Times of Malta splashes this story on its front page, presenting it as some kind of scoop which it investigated and brought to light?

By: ciccio

ciccio — Thu, 19 Jun 2014 13:40:45 +0000

In reply to Gary. Konrad Mizzi should now call Kurt Sansone at Times of Malta and give him a front page story about how "everything is on track," and that everyone at Gasol, Siemens, Enemalta, GEM and SOCAR is "fenomenali."

By: H.P. Baxxter

H.P. Baxxter — Thu, 19 Jun 2014 13:16:00 +0000

A little over a year ago, in March 2013, newspapers in Benin were reporting that Gasol had obtained the required capital for its gas supply project in West Africa (not just Benin, please note, but Benin, Togo and Ghana) by signing a agreement with the Azerbaijani state company SOCAR (A loan of one million dollars).

When the news was announced by Alan Buxton, added a few self-congratulatory remarks about 2013 being an annus mirabilis for Gasol, with the start of construction work on LNG facilities in Cotonou.

So Baxxter asks: What happened since then that’s making Gasol shareholders dump their stock like it was the plague?

Hadn’t our “journalists” better ask these questions instead of printing gushing reports about that Nathan “Inspire CEO”, Isle of MTV and giant England flags?

By: Jozef

Jozef — Thu, 19 Jun 2014 13:02:06 +0000

‘U Ghaddafi wahhalulu, tah iz-zejt u rega’ hadulu…’

By: Jozef

Jozef — Thu, 19 Jun 2014 12:54:50 +0000

In reply to Gary.

Siemens’s out.

The new owners of the BWSC plant, Shanghai Electric, will never accept to procure energy generated by plant built by their latest subsidiary’s direct competitors.

Shanghai Electric bought 40% of Ansaldo Energia to produce gas fired turbines for its ever expanding market in Asia.

SE’s top brass signed in Rome the day Muscat was to give us the bxara t-tajba. There he was in Castille, abandoned to fend off journalists and the consequences of his anti-EU scheming.

A week later Muscat announced meekly he’s working on an ‘agreement similar to the one Shanghai Electric signed with an Italian energy company’.