Malta shipyard to become a marine hub

An investment of around 55 million euros is intended to transform the former Malta shipyard into a service center for the oil and gas industry. This will benefit from a growing business in the Mediterranean region. The government was keen to meet the requests for a 175,000 square meter facility in a short time, with the aim of developing it as a seaport hub.

Twenty-eight companies have expressed interest this year and six applications were received last year for the plant. Ablecare Group, a Maltese oilfield services company, established in 2001, has been announced as the preferred bidder for the site. According to Malta Independent's plan scheduled on Sunday, the entire shipbuilding plant in Malta will be allocated to the Ablecare Group, which implies a 45-year lease. Ablecare was, in fact, the only contender who wanted to use the entire facility, although all other participants planned to use the main area, which includes the dock, massive hangars, and the entire waterfront space. However, the block privatization program initially recommends that all areas should not be allocated to one company, leaving the rest of the vacated part for other purposes.

The Government of Malta is committed to maximizing the development of a regional service center for the oil and gas industry, with the aim of attracting clients from oil production facilities in the Mediterranean and beyond. The facility will not only include facility maintenance and a service center, but will also include the establishment of an education and training center that will deliver internationally accredited courses, complete with a student residence for local and international students.

The berths will be used to stop shipping facilities, installations and equipment. Specialized Chetra equipment from leading Russian manufacturers will work at the berths. Three open areas will serve as storage for equipment and logistics facilities. The other two open areas will be dedicated to the storage of drill pipes and pipelines used to deliver oil or gas to the top. And part of the plant, where the former building is located, will be converted into the Marine Oil and Gas Engineering Center, which will be fenced off from the rest of the facility.