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Wednesday 29.01.2020 | Name days: Valērijs, Aivars
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Gazprom’s shares in Conexus may have been auctioned off to some foreign fund

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Conexus, Gazprom, shares, auctionThe shares of Russian state natural gas concern Gazprom in Latvian gas transmission and storage operator Conexus Baltic Grid (Conexus) may have been auctioned off to some international fund, according to unofficial information from LETA.

More detailed information about the winner of the auction may be released closer to mid-January.

As previously reported, at the auction for the sale of 34.09911% shares in Conexus, which was organized using Gazprom’s electronic trading platform on 30 December, the buyer for the package of shares was determined. Two contenders had participated in the auction. The winner remains unknown.

Conexus is a closed joint stock company. The company’s largest shareholder is Latvian state-owned Augstsprieguma tīkls (34.36%), while Gazprom owns 34.1% and Marguerite Fund owns 29.06% of shares.

Conexus was founded in 2016 as a result of reorganization, as natural gas transmission and storage functions were separated from Latvijas gaze.

Read also: Marguerite Fund to sell Conexus shares to Japanese Marubeni fund

Economy Ministry had previously affirmed that the government will be able to decide on using pre-purchase rights after the sale of Gazprom’s owned shares in Conexus.

If the government decides not to use pre-purchase rights then in accordance with National Security Law there will be assessment of the winner of the auction. According to the law, the government decides on either preserving the person’s influence or permission for acquisition of influence in commercial associations important to national security, as well as permission to hand over critical infrastructure to another person for management purposes.

Public Utilities Commission head Rolands Irklis had previously said that the institution will assess if the new shareholder meets the requirements of EU directive and Energy Law. The commission will then conclude if Conexus has complied with the requirement included in last year’s decision regarding certification, he said.


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