Government to float bid for gas company shares

Take note – story published 9 years ago

The Cabinet of Ministers is preparing to offer a non-binding bid to German energy company E.ON Ruhrgas International for purchasing its share of Latvia’s natural gas utility Latvijas gāze, Economics minister Vjačeslavs Dombrovskis told the media Tuesday.

At the same time he stressed that he could not divulge any more details of the pending proposed deal, neither regarding its total sums, nor any of the terms.

E.ON Ruhrgas is preparing to exit the Eastern European market and has been offering to sell its 47.2% stake in Latvijas gaze to the government, which has first-buyer’s option, for a reputed €220m.

Latvijas gaze deals with the refining, transportation, storage and distribution of natural gas. Its current ownership structure includes E.ON Ruhrgas (47.2%), and Russian gas concern Gazprom (34%), with the remaining stock (16%) under the ownership of Latvian gas distribution company Itera Latvia.

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