Electrogas directors have failed to provide details, in the company’s annual accounts, of an LNG supply deal with Socar Trading SA that has been questioned by multiple energy experts.
An analysis by The Guardian estimated that Socar Trading SA made around €32 million from the deal in 2017, as it leveraged differences in market prices and the fixed price at which Electrogas, and ultimately Enemalta, buy LNG from it.
According to notes annexed to Electrogas’ annual accounts, its directors deemed that disclosure of the monetary value of its LNG purchase commitments with Socar Trading SA would not be meaningful in assessing Electrogas’ liquidity and cash flows.
These purchases will be offset in the same periods by cash received from the related sales transactions to Enemalta, the notes said.
One of Electrogas’ directors is 17 Black owner Yorgen Fenech. A leaked e-mail from the Panama law firm Mossack Fonseca said 17 Black was going to pay up to $2 million into Panama companies formerly owned by the Prime Minister’s chief of staff Keith Schembri and Tourism Minister Konrad Mizzi.
Electrogas received revenues of €36 million for gas supply and €93.3 million for electricity it supplied…
