Power deal signed but ‘upfront’ €30 million payment is ‘staggered’

The government has not received the €30 million upfront payment it was due to get on the signing of the contract with the Electrogas consortium, which will be supplying electricity and gas to Enemalta. Instead, the payment will be staggered over a...

May 22, 2014| Times of Malta 1 min read

The government has not received the €30 million upfront payment it was due to get on the signing of the contract with the Electrogas consortium, which will be supplying electricity and gas to Enemalta.

Instead, the payment will be staggered over a number of months, Energy Minister Konrad Mizzi said.

Questioned yesterday, he confirmed that all four shareholders of Electrogas – the UK’s Gasol, Azerbaijan’s Socar, Siemens and local consortium GEM holdings – have put pen to paper on the contract.

The signing was made two weeks ago behind closed doors and without any publicity, and the contract has not yet been published.

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