Gas utility to found a new company: 'Gaso'

Dominant gas company Latvijas Gaze will found a new company as a result of moves to split up the supply and distribution sides of the business, it said in a market announcement October 19. The new company will be called 'Gaso'. 

According to a letterhead bearing information about the meeting the name ''Gaso'' comes from the words ''Gāzes Apgādes Sistēmas Operators" (Gas Supply System Operator).

"The Board of the Joint Stock Company Latvijas Gāze hereby convokes and announces that the foundation meeting of the Joint Stock Company “Gaso” will be held on November 22, 2017 at the premises of the JSC “Latvijas Gāze”, 20 Vagonu Street, Riga,'' the announcement said, adding that Latvijas Gāze is the sole founder and shareholder of Gaso. 

Draft articles of association (attached) show the company will have share capital of 39.9 million euros.

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2017.11.22_GASO_Articles_of_association_DRAFT.pdf

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As previously reported by LSM, the division of Latvijas Gaze is part of efforts to liberalize and increase competition within both the Latvian and wider regional energy markets.

The video below shows the LG meeting in August where the plan was originally decided. In the chair is former prime minister Aigars Kalvitis. Speaking about Gaso and its blue flame logo he told shareholders: "By the end of this year you will be seeing this symbol on uniforms, on cars and you will know you are part of this new business."

 

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