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SEP, Maltese Energy Ministry Ink MOU

On April 25, 2019, when the Second Belt and Road Forum for International Cooperation was held in Beijing, SEP and Malta's Ministry for Energy and Water Management signed an MOU on deepening cooperation in energy and water sectors in Malta at the founding ceremony to jointly build Belt and Road Energy Partnership.

 

SEP President Wang Huaiming and Maltese Minister for Energy and Water Management Joe Mizzi signed the MOU on behalf of both sides. National Energy Administration Head Zhang Jianhua, SPIC Deputy Secretary of Party Leadership Group and President Jiang Yi, and Malta's Ambassador to China John Aquilina attended the signing ceremony and witnessed the signing of MOU.

 

 

In 2013, SPIC and Maltese Energy Ministry signed a cooperation framework agreement on package energy investment witnessed by Chinese Premier and Maltese Prime Minister, which unveiled a series of energy cooperation between SEP and Malta. SEP invested a total of 320 million euros, including 100 million euros to acquire 33.3 percent shares of Enemalta PLC and 150 million euros for the acquisition of 90 percent stake of Delimara 3 Power Plant. Thanks to cooperation between the two sides, Maltese government managed to fulfill the promise of reducing the residential power tariff by 25 percent, which greatly improved the local investment and business environment. Consequently, Malta's sovereign rating was upgraded to "A+" for the first time in 20 years, and the case was praised by Maltese Prime Minister as "a win-win model of economic and trade cooperation between Malta and China". Furthermore, SEP and Enemalta joined hands to "go global" and developed Mozura Wind Power Project in Montenegro, the first renewable project in Europe, marking an important milestone in progressive development of neighboring markets.

 

In October 2018, when the "Belt and Road" Energy Ministerial Conference and International Forum on Energy Transitions were held in Suzhou, Jiangsu province, SPIC Chairman Qian Zhimin met with Mizzi and held discussions on deepening energy cooperation in Malta and EU. In line with the consensus reached at this meeting as well as the related arrangements in energy sector under the medium and long term cooperation agreement signed between China and Malta, SEP and Maltese Ministry for Energy and Water Management signed the MOU on deepening cooperation in energy and water sectors in Malta at the founding ceremony of jointly building Belt and Road Energy Partnership.

 

The MOU has deepened the consensus reached by both parties in 2013, which is to develop renewable energy project in Europe and surrounding areas vigorously, and accordingly, SEP will assist Malta in realizing energy planning, such as R&D on offshore floating renewable energy and energy storage demonstration projects, development of sewage disposal technology and construction of integrated smart energy. The in-depth version of cooperation agreement not only indicated that SEP will implement the Belt and Road Initiative in a better manner, explore the third country market jointly with a EU member, and export Chinese technology, experience and equipment overseas, but also signified that China and Malta will deepen cooperation in energy sector with multiple dimensions, and both sides will promote the principle of "consultation, contribution, shared benefits and win-win results" comprehensively, in order to achieve the grand objective of "mutual benefits and win-win results for many countries".

 

The relevant personnel of SPIC International Business Department and SEP participated in the signing ceremony.

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