Gasol : Update on LNG to Power Project in Malta

Gasol PLC

("Gasol" or the "Company")

(AIM: GAS)

Electrogas Malta acquires Special Purpose Project Company

for LNG to Power Project in Malta

 Gasol, the AIM listed gas to power company, is delighted to announce that, as part of a consortium called ElectroGas Malta ("ElectroGas"), it has entered in to a Share Purchase Agreement ("SPA") pursuant to which it will acquire a 30 per cent. stake in Malta Power & Gas Limited ("MPGL"), a special purpose company established by Malta's state power utility, Enemalta, to own and operate the LNG-to-power project (the "Project") in Malta that was awarded to ElectroGas in late 2013. MPGL has obtained the relevant development permits for the Project.

Pursuant to the SPA, the remainder of MPGL's shares will be acquired by the other members of the ElectroGas consortium as follows: SOCAR Trading SA (20%), GEM Holdings Ltd (30%) and Siemens Projects Ventures, the equity financing arm of Siemens Financial Services (20%).

ElectroGas intends to rename MPGL "ElectroGas Malta Ltd." prior to closing the financing for the Project. 

Commenting on the Project, Gasol COO Alan Buxton, said: "This is a significant step in the development of the Project and we look forward to the implementation phase."

For further information, please contact:

Gasol plc Alan Buxton, Chief Operating Officer www.gasolplc.com	[phone]
Panmure Gordon (UK) Limited Dominic Morley (Corporate Finance) Callum Stewart (Corporate Finance) Adam Pollock (Corporate Broking) Yellow Jersey PR Limited Dominic Barretto Kelsey Traynor	[phone] [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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