Gazprom to sell 34% of Latvian gas transmission operator Conexus Baltic Grid

TASS Russian News Agency | Dec 4, 2019 at 4:23 PM

MOSCOW, December 4. /TASS/. Gazprom is going to sell its 34% stake in Conexus Baltic Grid, a unified natural gas transmission and storage operator in Latvia.

According to the documents of the Russian company obtained by TASS, the auction will be held at the Gazprombank Electronic Trading Platform on December 30.

The company will accept applications until December 26. The initial price of the stake is 79 mln euros, the minimum price is 70 mln euros. The step of lowering the initial bid price is 1 mln euros, the step of raising the price is 500,000 euros.

Conexus Baltic Grid was established as part of the reorganization of Latvijas Gaze, integrated gas supply company of Latvia, in December 2016. The new company took over the gas distribution and storage functions of Latvijas Gaze.

Currently, Gazprom holds 34.1% in Conexus, while Augstsprieguma tikls (a transmission system operator in Latvia) has 34.36% and the Marguerite Gas I fund owns 29.06%.

Earlier it was reported, that Latvia's new legislation prohibits gas producers to hold stakes in gas transportation assets.