ECONOMY

J&P Avax lands LNG installation deal in Malta

Athens-listed construction firm J&P Avax has landed a 125-million-euro project in Malta. The project comprises the study, construction and operation of an installation for the import of liquefied natural gas (LNG), its storage and gasification on the Mediterranean island.

The duration of the contract is 18 months, while the conceding authority is Electrogas Malta Ltd, a consortium of GEM Holdings Limited, Socar Trading SA, Siemens Project Ventures GmbH, and Gasol LNG Import Limited.

As J&P Avax announced on Tuesday, the installation will feed natural gas to Malta’s biggest energy production unit at Delimara. The project also includes the procurement of specialized equipment for the liquefying, storage and gasification of natural gas, the construction of control and operation stations and the port infrastructure necessary for the constant supply of liquefied natural gas from ships.

The company’s management has forecast that in 2015 its turnover and profits will have returned to the levels they had been at before the start of the financial crisis, and will stabilize in the coming years with help from the group’s portfolio of concessions.