Malta is a foothold for the venture within the EU
Malta Enterprise yesterday announced a new joint venture between Singapore's International Energy Group (IEG) and itself with hopes of developing Malta as an Europe-Asia energy trading hub.
The new venture is expected to carry out its first transactions next year with an initial focus on oil trading.
It is hoped that the business will develop to encompass oil blending and bunkering activities.
Malta Enterprise signed a Memorandum of Understanding with a consortium of private entrepreneurs, who now own IEG, earlier this year and will become a minority partner in the Maltese joint venture company.
It is hoped that the business will develop to encompass oil blending and bunkering activities
IEG is a new entrant in the Singapore energy industry focussing on trade in fuel oil, gas oil, crude oil and Liquefied Natural Gas (LNG).
The deal is said to have been facilitated by Maltese firm Attard & Co.
Earlier this year Attard & Co. were reported to be working with Singapore's IAG-Pacific to develop trading operations for petrochemicals in the country.