The Delimara gas project has won Azerbaijani company Socar a prestigious award at the annual Global Energy Awards in New York.

Socar Trading, the trading arm of Azerbaijan’s State oil company, holds a 20 per cent stake in the consortium developing the new power station and liquefied natural gas terminal.

Socar received an award of excellence in the Strategic Deal of the Year category at the annual event organised by Platts, an energy price benchmarking organisation.

The awards are often de-scribed as the Oscars of the energy industry.

The gas project, pioneered by Electrogas Malta Consortium, is a strategic development for Malta but also a lucrative proposal for the investors, who secured an 18-year power and gas purchase agreement with Enemalta.

Socar Trading will act as a supplier of LNG, the floating storage unit and equipment for its processing.

The power plant and LNG terminal are estimated to cost some €450 million and is planned for commissioning in the summer of 2016.

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