Gazprom Sells Shares in Lithuanian Energy Companies

Business » ENERGY | June 23, 2014, Monday // 15:49| Views: 869 | Comments: 0
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Bulgaria: Gazprom Sells Shares in Lithuanian Energy Companies File photo

Russian energy concern Gazprom has sold its assets in AB Lietuvos Dujos and AB Amber Grid, two Lithuanian gas utilities in each of which it had a 37.06% stake.

The deal was carried out on June 19, according to a message from the company quoted by Russian daily Vedomosti, with shares renounced by Gazprom purchased by state-controlled ventures.

Gazprom was the second-largest shareholder in each of the two companies.

The Lithuanian State Property Fund, which previously owned some 17.7%, expressed its readiness to pay EUR 0.65 per a Lietuvos Dujos share and EUR 0.76 for each owned by Gazprom in Amber Grid.

It also bought the assets of Germany's E.On Ruhrgas International (38.9% in Lietuvos Dujos) in the two ventures to meet the requirements of the EU's Third Energy Package.

Lietuvos Dujos is the company in charge of purchase, transportation and selling of gas in Lithuania and also to the Russian Baltic exclave of Kaliningrad.

The Third Energy Package does not allow a company to provide gas and manage facilities of its clients, thus unbundling production, operation and transportation.

Through buying foreign-owned shares in its gas utilities, Lithuania also aims to seek further ways for diversification and reduction of its dependence on Russian gas.

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Tags: Gazprom, E.ON Ruhrgas, Lithuania, Russia, Third Energy Package, Kaliningrad, unbundling, Lietuvos Dujos, Ambergrid
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