Gasol plc Update on LNG to Power Project in Malta (0036H)

TIDMGAS

RNS Number : 0036H

Gasol plc

14 May 2014

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                         [phone] 
  www.gasolplc.com                 3300 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate 
  Finance) 
  Callum Stewart (Corporate       [phone] 
  Finance)                         2500 
  Adam Pollock (Corporate 
  Broking) 
 
  Yellow Jersey PR Limited 
  Dominic Barretto                 [phone] 
  Kelsey Traynor                   220 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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