EMEA News
Malta Says it is Falling Short of its Potential in Mediterranean Bunker Market
Jose Herrera, Malta's Parliamentary Secretary for Economic Growth, says that the country is falling short of its potential in the Mediterranean bunkering market, local media reports.
"We are in a very strategic location and possibly attract 20 percent of the Mediterranean market, which is not enough," said Herrera.
"There are other countries in the Mediterranean that are in a less strategic position and are growing in this industry more than we are. We need to make our regulations match those of other countries, such as Singapore so that the legislative framework will be good and even better."
Herrera says that the government is now reviewing the country's bunkering regulations in hopes of reaching its potential in the sector.
With the exception of bunkering activity carried out at Grand Harbour and Marsaxlokk port, it is reported that Malta currently has five coastal locations at which bunkering is permitted.
In November, Ship & Bunker reported that the Maltese government had taken up part ownership of Singapore-listed New Silkroutes Group Limited's (New Silkroutes') oil and gas trading subsidiary IEG Malta Limited.
