EMEA News
Singapore Listed New Silkroutes To Partner Directly With Malta Government For Oil And Gas Trading
Singapore-listed New Silkroutes Group Limited (New Silkroutes) Monday announced that the Maltese government has taken up part ownership of the company's oil and gas trading subsidiary IEG Malta Limited.
Malta's Ministry of Energy and Health is understood to have taken 10 percent ownership in IEG Malta, a stake previously been held by Malta Enterprise Corp, the country's national development agency, following the formation of IEG Malta in May of this year.
The company said that IEG Malta will now be positioned to "transform Malta into the preferred oil and gas trading hub in the Mediterranean".
The Ministry of Energy and Health is now represented on the board of directors of IEG Malta through its Permanent Secretary, who replaces the Chairman of Malta Enterprise.
"This joint venture is an important key milestone in Malta's ambition to become the Mediterranean's preferred oil trading hub between Europe and Asia," said the Maltese government.
New Silkroutes Chief Executive Officer Dr. Goh Jin Hian said that the new arrangement will help IEG Malta "facilitate oil and gas trading and investment in oil storage infrastructure".
The company notes that paid up capital for IEG Malta is $1 million, with both New Silkroutes and the Malta government contributing proportional amounts of capital.
In February, Ship & Bunker reported that oil trading companies in Malta had objected to agreements signed between the government and World Fuel Services Corp.
