Gazprom sells stakes in gas distribution companies

MOSCOW, June 18, 2014 – Gazprom last week agreed to sell its 37.1-percent stakes in two gas distribution companies in Lithuania, Amber Grid and Lietuvos Dujos, for a total of €140.8 million.

Lithuania’s main competition authority had previously levied a $48.2-million fine on Gazprom on grounds of prevention of other supplies from accessing the market.

Lithuania is taking over its gas network in order to comply with the EU rules proscribing the separation of gas supply and distribution assets, a necessary precondition for receiving gas from other gas producers once the floating LNG terminal at Klaipeda is ready by 2015. Lithuania has so far named Norway as a potential gas supplier, while talks continue with Qatar and Algeria, among other nations.

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