Have I understood this correctly – are they looking for a third investor because the Chinese are reneging on part of the deal?
Published:
October 22, 2014 at 2:26am
I’m beginning to think that this one needs to be checked out too.
The Malta Independent has interviewed Konrad Mizzi:
When asked what the real reason for the delay was, Dr Mizzi said the initial negotiations with Shanghai Electric Power were quite speedy but talks from the engineering perspective took longer than expected after the Chinese came up with a few technical proposals. The Minister said Enemalta had no choice but to seek a third investing partner to finance the conversion of the BWSC plant to run on gas.
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http://www.independent.com.mt/articles/2014-10-21/local-news/New-power-station-deadline-to-be-given-end-November-Energy-Minister-Konrad-Mizzi-6736124152
I think that what it means is that first they got a nice quote for the job and they did not read the fine print. They have to pay for those oh so crucial extras without which the project would not work.
So they haven’t found investment for the whole project as yet. In parliament, Joseph Muscat stated last Monday that :
“Ara kieku ma sibniex investiment, kieku iva kieku kien ikolli nirrizenja. Imma l-investiment ilu hemm fuq sena”.
Another lie.
This is absolutely weird. The raison d’etre of Socar Trading SA (one of the Electrogas shareholders) is to sell and market Socar oil and gas products.
Indeed, they actually have a strategic alliance with Gasol (another Electrogas shareholder) to supply LNG on another project in Africa. So it would be blindingly obvious this relationship would also be practical for the Malta project.
One would have assumed that Gasol and Socar were chosen to build a new LNG to gas power station precisely because they already had this arrangement in place.
So why are Socar sourcing LNG from Shell? Does Konnie get the right to order private companies what to buy and from whom? Is this a clause in the famously secretive contract(s)?
Konnie is quoted as saying that they will need a third partner in this ongoing saga, part of which involves converting BWSC to gas. So putting 2 and 2 together and making 5, I can only assume that Shell are now involved in this project as Electrogas and Shanghai Electric do not have the ability to get it done themselves.
Which is probably why there has been zilch activity so far apart from a bit of earth-moving at Delimara.
Link to Shell power station project in Iraq:
http://www.ogj.com/articles/2012/03/shell-eyes-power-plant-for-iraq-south-gas-project.html
Up next: Finding someone to buy the BWSC plant now that the Chinese have all but pulled out of the deal.
Watch out for the Great Cut-Price Sale of State Assets, part of the innovative budget-deficiit patching exercise by Minister Scicluna.
Il-qattusa ghaggelija, frieh ghomja taghmel.
So much for the prime minister’s claim that the Chinese are “astonishingly fast.”
So who exactly is paying for the conversion – I mean, is this being deducted from the Chinese investment? If I remember well, the conversion was of Eur 70 million.
And I had also questioned whether the Eur 70 million was part of the Electrogas deal of Eur 370 million – as had been indicated by Minister Mizzi in January 2013 – or whether it was part of the ShanGuy Electric deal, as had been announced when the Chinese investment was announced.
Konrat Mizzi – Or is it Confusius Mizzi?
There is no doubt that you have understood perfectly
Same here, from hyper spin to downright babbling idiot.
At this point, seriously thinking he’s obsessed with chasing after the ‘plan’ even if it isn’t.
When he never showed any sign of acknowledging anyone else’s argument, becomes a bit scary. Thinking those around him have faith in what he says, ghax Dr.Konrad Mizzi, even more so.
In a hopefully not so distant future, this episode of Maltese history will be studied closely when it comes to Malta’s natural limits. Or better, proportion and perspective, what it means to envisage state without physical mass.
Konrad Mizzi was convinced his Eur370million plan was watertight. Maybe it’s his magic teabags that did him in.
http://www.maltatoday.com.mt/news/elections2013/23921/a-man-with-a-plan-konrad-mizzi-20130114
“Here comes Konrad Mizzi. We don’t have camomile tea, we regret to inform him as he takes his seat inside the interview room. Not to worry, he says, as he sticks his hand in his pocket to produce said teabag. He’s prepared. Almost too prepared.”
the plot or rather ‘balbuljata’ thickens!
You conclusions on smiling Konrad’s statement make much when seen in the context of the horrible financial situation in China.
So its nearly 20 months and they are still an investor short. Who got cold feet and pulled out and why did he pull out?
Yesterday, Konrad Fenomenali Mizzi failed to give a date when the gas power station will be completed.
After a journalist pressed further to at least mention a target period our minister replied that ‘he’d better be cautious’ and refrained to mention a month or at least a year. Nice.
So before the election he and his liar peacock had a ‘konvintissimi’ project compleition date and now, nearly two years later, they haven’t any.
http://www.youtube.com/watch?v=JjwLoEBEVrw
The usual silly ass-hole smile – nay, even more remarkably silly to-day.
Couldn’t have chosen a picture more fitting for the occasion.
I followed some of the question and answer routing reported on local TV. The Kon-man’s whole charade was utterly sickening.
Mr Smiley Caterpillar-lips is an unabashed agent for China.
http://www.youtube.com/watch?v=HcHhiATEogI
If Scots, Japs, Welsh and South Koreans can do it, why not the qahbec Maltese?
1. So first the Minister said that the delays were due to the interfacing between the plants:
“Mr Mizzi said works on the plant were being “held up by three-way talks between Enemalta, ElectroGas and Shanghai Electric in relation to the way the new gas power station will interface with the BWSC plant.”
http://www.independent.com.mt/articles/2014-10-12/local-news/After-TMID-investigation-Energy-Minister-finally-admits-power-station-project-is-NOT-on-track-6736123538
See the source of what the Minister said here:
http://www.timesofmalta.com/articles/view/20141012/local/konrad-mizzi-gas-plant-target-date-postponed.539329
2. Then “Enemalta sources” tell The Times that the real reason for the delays was that China wanted assurances.
http://daphnecaruanagalizia.com/2014/10/using-its-road-map-the-government-takes-a-wrong-turning-and-hits-a-brick-wall/
X’interface, interface.
3. Now the Minister, Confusius Mizzi, changes his own previous version, and says that the delays were caused because of the financing of the changeover of the BWSC plant to gas.
Ah, when you lie, you need a big memory…
Ciccio, I strongly recommend you take a couple of days’ break from Konrad’s saga.
Before you fly over the cuckoo’s nest.
Am I the only one hoping for this deal to fall through? I’m also hoping that no power station is ever built.
We really don’t need to have ties with countries like China and Azerbaijan for the next ten years. And we don’t need a poorly thought out power station which is an accident waiting to happen.
On the other hand I’m no economist so I don’t know if this will affect our country’s stability or economy.
And how convenient was it NOT to issue an international tender, mix, match, renege anything in the expression of interest, u ijja mbaghad naraw.
How long do they intend to carry on with this bull?
Lies, nothing but lies
Idhaq la l-Gahan Malti poggikom hemm fuq.
The BWSC plant was meant to take the modulating part of the electrical demand, the variation between night and day, shoulder months’ lows and winter and summer peaks, but the Chinese want to have them running at full capacity all the time BECAUSE they are PROFITABLE and that is the crown on Gonzi’s head while Joseph and his sidekick should hang their heads in shame.
But power production does not command consumption, but its the other way round; It’s demand that is king.
The base load (that part of national consumption below which the load does not go) was planned to be served by the interconnector.
The LNG power station ‘planned’ by Muscat&Co remains superfluous and unnecessary.