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Wednesday 08.04.2020 | Name days: Dana, Dans, Danute, Edgars
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Nemiro: Latvia has not yet decided if it wants to acquire Gazprom’s shares in Conexus

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shares, Conexus, Gazprom, Ralfs NemiroLatvia will consider every offer from transmission and storage system operator Conexus Baltic Grid (Conexus) shareholder to purchase company shares, says Economy Minister Ralfs Nemiro.

BNN had previously reported that Russian state-controlled natural gas concern Gazprom plans to organize an auction to sell of its owned 30.09911% shares in Conexus at the end of December. The starting price is set at EUR 79 million and minimal price is EUR 70 million.

More on this topic: Minister: there are several options for acquiring Gazprom’s shares in Conexus

Nemiro reports that Gazprom has the right to sell its shares in Conexus to any investor. At the same time, the minister says Latvia has not yet decided if the country has any plans to acquire these shares.

Nemiro reminds that Gazprom is selling its shares because of the conditions set by the Public Utilities Commission for the certification of Conexus. Another condition states that a different shareholder – Marguerite Gas II S.a.r.l. – needs to prevent risks of a conflict of interest created by its simultaneous presence in both Conexus and AS Latvijas gāze.

«Latvia has not received a single shareholder offer, so I cannot comment if there are any plans to acquire shares. Once we have received an offer then we will start evaluating,» adds the minister.

He also could not say if Latvia has the funds to afford purchase of shares.

Nemiro said he is not aware if investors have any interest in Gazprom’s shares in Conexus. This is why the price of shares may change from the initial offer.

If Latvia decides to purchase shares in Conexus owned by other investors, AS Augstsprieguma tīkls will become the owner.

In spring 2018, the previous Economy Minister Arvils Ašeradens admitted that Latvia and Gazprom could not agree on conditions under which the state would be able to acquire the Russian concern’s owned Conexus shares.

«We’re waiting for Gazprom’s reply. There has been some reaction, but we’ve not been able to agree on conditions for share acquisition. It is about the price,» said Ašeradens, he said at the time the state wants the acquire 70% of Conexus shares.

Conexus was founded in 2016 as a result of reorganization in Latvijas gāze. Conexus is a combined gas transmission and storage operator in Latvia. It manages Inčukalns underground gas storage facility and the gas pipeline that connects Latvia with Lithuania, Estonia and Russia’s north-western region.

The company’s largest shareholder is Augstsprieguma tīkls (34.36%), Gazprom owns 34.1% and Marguerite Gas owns 29.06%.


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