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5 NEWS 16.12.2021 MATTHEW VELLA EUROPEAN ministers have agreed to allow Malta to apply for crucial Euro- pean funding that will subsidise at least half of a €400 million gas pipleline in- vestment to Sicily. But they also said that entities con- nected to fraud, corruption or conduct related to criminal organisations will be excluded from such funding, a possible reference to the presence of Electrogas as owner of Malta's gas plant. Electrogas includes Tumas magnate Yorgen Fenech, the alleged mastermind in the Caruana Galizia assassination, as a shareholder. e Caruana Galizia family has called on the EU to deny such funds for a pipe- line, that would trigger a gas exit price from the Maltese government to Elec- trogas, which procures LNG; as well operating the gas plant that converts the gas into electricity and is then sold on to state utility company Enemalta. After first being refused funding when the European Commission advanced Green New Deal objectives to phase out fossil fuels, Malta obtained a derogation that has now resulted in a decision by Council ministers to allow interconnec- tion funding. Both MEPs and the Council agreed yesterday that in the case of Cyprus and Malta, that are still not interconnect- ed to the trans-European gas network, will be allowed one interconnection per state under development or planning, that has been granted the 'Project of Common Interest' (PCI) status and is necessary to secure permanent inter- connection to the trans-European gas network. ey also added an "explicit reference" to article 136 of the EU financial regu- lation, that enumerates the situations where a person or entity shall be exclud- ed from being selected for receiving EU financing, such as fraud, corruption or conduct related to criminal organisa- tions. e Council on Tuesday also decided to end support for new natural gas and oil projects and introduce mandatory sustainability criteria for all projects. is is part of a move to allow, during a transitional period until 31 Decem- ber 2029, for dedicated hydrogen as- sets converted from natural gas to be used to transport or store a pre-defined blend of hydrogen with natural gas or biomethane. e revised TEN-E Regulation up- dates the infrastructure categories el- igible for funding, with an emphasis on decarbonisation, offshore electric- ity grids, hydrogen infrastructure and smart grids. e PCIs are eligible for financing from the Connecting Europe Facility for 2021-2027. MERCURY Towers Limited has en- tered into a promise of sale agree- ment to pay €9 million to Bersella Holdings Limited for a majority shareholding in Mercury Car Park Limited, which owns the car park site underlying the Mercury Site in Paceville. Mercury Towers Limited currently owns 1,500 Class 'B' ordinary shares in, and constituting 25% of the share capital of, Mercury Car Park Limit- ed. Under this promise of sale agree- ment with Bersella Holdings, dated 30 November 2021, the company will acquire 4,080 Class 'A' ordinary shares in, and constituting 68% of the share capital of, Mercury Car Park Limited, for a price of €9 mil- lion. At present, Mercury Car Park Lim- ited owns the existing constructions and airspaces of, and is intended to continue to own, develop, finish and eventually operate the car park with- in the car park site. The car park is currently in shell form and consists of four storeys, of an approximate superficial area of 4,533sq.m on each level from bottom to top, built on levels -6 to -3. Mercury Towers Limited will pay a deposit of €450,000, out of which €100,000 had already been paid prior to the Agreement and an addition- al €50,000 was paid on signing the promise of sale agreement. The balance of €300,000 due by way of deposit is to be paid in six consecutive monthly instalments of €50,000 each. The remaining €8,550,000 will be payable on the final deed of sale to be completed by not later than 30 June 2022. Mercury Towers Limited will have the option to delay the payment of the last €1,000,0000 by up to one year until 30 June 2023, in which case it will also pay a 6% interest. On its part, Mercury Car Park Lim- ited is still indebted towards BNF Bank p.l.c. for a current outstanding principal amount of €330,245.24, which is secured on the car park site. The agreement provides for com- pletion of the share transfer by not later than 30 June 2022. If and when the share transfer is completed, Mercury Towers Limited will become the owner of 93% of the share capital of Mercury Car Park Limited, which will therefore be- come a subsidiary of Mercury Tow- ers Limited. Promise of sale for the shares in Mercury Car Park Limited MALTA GAS PIPELINE EU agrees to funding but warns of exclusion for entities 'related to crime' The Electrogas plant in Delimara

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