Issue link: https://maltatoday.uberflip.com/i/449474
maltatoday, WEDNESDAY, 21 JANUARY 2015 4 News Ministry denies pump prices reflecting higher profit margins MATTHEW VELLA THE energy ministry has insisted that oil market f luctuations that saw the international price of Brent crude fall below the $50 mark was a "surprising event" and that fuel pump prices ref lect hedged prices. The government is under pres- sure by the Opposition in a new campaign to bring to the public's attention the high price of fuel at Maltese pumps, the highest across the EU in recent months. The Nationalist Party has sug- gested that the high prices at the pump could be masking profits be- ing made by Enemed Fuels, the gov- ernment company now handling fuel distribution which previously was in the hands of Enemalta Cor- poration. But energy minister Konrad Mizzi has denied that pump prices ref lect higher profit margins than usual. "The oil market changes in the last month or two were a surpris- ing event for many international analysts. However, it is important to emphasise that while oil prices, and with a delayed effect fuel pric- es, were declining in US dollars, the euro was going the other way and weakening," Mizzi said. "The profit margin made by En- emed has been consistent for the last four years and remains un- changed. This can be confirmed with the regulator. Prices at the pump ref lect hedged prices and taxes. Enemed adjusts its short- term hedges regularly and this sub- sequently translated into revised fuel prices." The energy minister also told MaltaToday that Enemed Fuels was placing short-term hedges to make price stability possible. Malta has enough fuel storage space to last three months, an in- dication on the limits of hedging quantities. Enemalta sold off its petroleum division for around €83 million in a government-to-government deal, to two subsidiaries of Malta Gov- ernment Investments – Petromal Company Ltd and Enemed Com- pany Ltd. The two companies have taken a bank loan to finance this transaction. Enemalta transferred the €83 million it received to the government's coffers to settle part of the €150 million it owes the au- thorities in excise duties. Effectively, this meant that a bank loan taken out by the MGI subsidi- aries was used to pay the Enemalta excise dues to the government. Maltese urged to 'adopt a notary' in archives restoration scheme Addictions causing severe distractions at the work place MATTHEW AGIUS OWEN Bonnici, Minister for Justice, Culture and Local Gov- ernment, yesterday appealed to the private sector and the public to "adopt a notary". Far from re-homing unfor- tunate legal professionals, the 'Adopt a Notary' scheme is in fact a method proposed by the Notarial Archives Resources Council (NARC) to fund the restoration of historical notarial records. The scheme, Bonnici told a news conference at the notarial archives, allows individuals to "adopt" or fund the restoration of the entire works of a notary, particular volumes or even just one item. Bonnici was inspecting the first fruits of this scheme – se- lected volumes from the records of Notary Bartholomeo Selvagii de Via, painstakingly restored by a team of volunteers led by historian Joan Abela. The volumes restored span the period from August 1544 to Sep- tember 1545 and had suffered "medium severity" damage from insects, water and compression. The restoration, sponsored by the Alf Mizzi Foundation at a cost of some €50,000, marks the first time this type of restoration has been privately sponsored. Abela thanked the foundation, explaining that Notary Bar- tholomeo Selvagii de Via was the notary for the Knights of St John from the time the Order was still based in Rhodes up till the first few decades of their stay in Birgu. "The government needs to in- vest in paper heritage," she said. Acknowledging the difficult na- ture of the work and prohibitive costs involved, Abela welcomed the scheme, hoping it would translate into "something Malta can be proud of and a lasting legacy for our children". Bonnici spoke of his shock at the state in which he inherited the Notarial Archives in 2013 and was pleased with the progress so far. The Archives building itself, which houses 17,000 volumes of records, was in need of restora- tion, he noted, but said that the first priority was the restoration of the documents themselves. Describing corporate social responsibility as crucial, Bon- nici said that this scheme is an- other example of how the gov- ernment and the private sector can collaborate for the good of the country. "These documents make us Maltese," he said. Julian Sammut, a Trustee of the Alf Mizzi Foundation, said that being able to assist in projects that will leave lasting good in Malta was a great honour and he hoped this intervention would pave the way for many other sponsors to follow suit. Those who wish to obtain more information on how to sponsor a notary are invited to contact Joan Abela at joanchabela@ gmail.com MARTINA BORG "ALCOHOL, drugs and gambling, are all addictions that poorly af- fect work performance. These are all addictions we are aware of, but we can add mobile, SMS, e-mail and blog addictions to the list," Social Solidarit y Minister Michael Farrugia said yesterday. Addressing a Sedqa organised seminar about addictions and their effects at the work place, Farrugia spoke about new forms of addiction that need to be treat- ed in much the same way as other more familiar addictions. He focused on the importance of the prevention of such addic- tions, but also stressed the neces- sit y for employers and societ y to give addicts a second chance. Sedqa launched the Substance Abuse Free Employees pro- gramme (SAFE), in 1996, with a total of 120 entities taking part in the last two years. The pro- gramme is working towards cre- ating a greater awareness among employers on the plight of addicts and towards expanding its opera- tions in the field. "Addicts need to have an incen- tive to actually take the necessary steps to be cured. Having a wel- coming environment to return to would ensure addicts would look for help more readily," Farrugia said. Owen Bonnici