SOCAR’s LNG supplies to Malta exceed contractual obligations
Baku, Azerbaijan, Jan. 16
By Leman Zeynalova – Trend:
The volume of liquefied natural gas (LNG) supplied by Azerbaijan’s state oil company SOCAR to Malta in 2018 has exceeded the contractual obligations, the company told Trend.
“The energy demand in Malta has increased as a result of the country’s economic growth, which created prerequisites for sending two additional LNG cargoes to the island in 2018 in excess of the contractual obligations, which envisage the supply of around six cargoes per year,” said SOCAR.
The state oil company said that it will continue to supply Malta with LNG and meet its additional demand in the future.
In general, as for LNG market, SOCAR said that the company plans to diversify its LNG portfolio in 2019 and increase the volume of global turnover in order to boost its competitiveness in the market.
“The major markets are some developing countries in the Near and Far East,” said SOCAR.
ElectroGas Malta, in which SOCAR is represented by SOCAR Trading that owns a 20-percent share in the consortium, was established to implement the project of construction of a gas power plant in Malta. The other shareholders are Germany's Siemens Project Ventures and Maltese GEM Holdings. SOCAR Trading is also represented in the project as a supplier of LNG, a mobile offshore unit for its storage and equipment for its processing.
SOCAR Trading SA, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.
The company sells SOCAR's crude oil from the port of Ceyhan (Mediterranean Sea, Turkey), trades in oil and petroleum products of other countries, as well as assists the parent company in connection with international investments. The scope of activity of SOCAR Trading covers the countries of Europe, Asia and America.
Follow the author on Twitter: @Lyaman_Zeyn