(MENAFN) China and Malta have signed a deal to rescue the indebted Maltese energy utility and providing China with a foothold in a future energy hub for the European Union, Xinhua reported
The signed agreement marks the largest direct investment ever in Malta. The deal will give Shanghai Electric Power Company (SEP) a 33 percent equity stake in Malta's utility Enemalta for a price of USD432 million
The Maltese Energy Minister said: "If we ... position ourselves as a country which facilitates investment to Malta as a hub, our economic growth can be accelerated.
Under the deal, around USD138.7 million in capital will be transferred to Enemalta, USD208 million will be invested to acquire the majority shareholding in an oil-fired power plant, while USD97 million will fund the conversion of that plant to gas
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.