JSC "Latvijas Gāze" statement on JSC "Gaso" sales process
27 Junio 2023 - 3:00AM
JSC "Latvijas Gāze" statement on JSC "Gaso" sales process
Eesti Gaas receives
clearance to buy Latvian natural gas distribution
network
Eesti Gaas, the largest
privately-owned energy company in the Baltic and Finnish region,
has received clearance by the Latvian government and the
Competition Council to buy the Latvijas Gāze
subsidiary Gaso and the Latvian natural gas distribution
network. This transaction amounts to more than 120 million euros
and constitutes one of the largest foreign investments in the
Latvian economy.
“Eesti Gaas appreciates the trust of the Latvian
government – we fully understand the importance of the distribution
network as a strategic business and want to share our experience as
gas network operator, develop the company, and offer the best
services to the Latvian gas consumers. For our company, the
acquisition of the distribution network in Latvia represents an
important step in expanding the operations of Eesti Gaas to become
the largest energy company with private capital in the region,”
said Margus Kaasik, Chairman of the Board of Eesti Gaas.
Eesti Gaas signed an agreement on the
acquisition of the Latvijas Gāze subsidiary Gaso in mid-April, and
the transaction was cleared by the government in early June and by
the Competition Council at the end of last week. The Latvian
natural gas distribution network is 5,420 kilometres in length, and
the company has over 375,000 customers.
“I am convinced that under the leadership of
Eesti Gaas the JSC “Gaso” will continue strengthening and
developing the Latvian gas supply system to the benefit of not only
Latvia but the entire Baltic region,” said Aigars Kalvītis,
Chairman of the Board of the JSC “Latvijas Gāze”.
Active in five markets – Finland, Estonia,
Latvia, Lithuania and Poland –, Eesti Gaas has become the largest
privately-owned energy company in the Baltic and Finnish region.
Eesti Gaas sells pipeline natural gas, compressed natural gas (CNG)
and liquefied natural gas (LNG), as well as operates the largest
gas distribution network in Estonia. The company is actively
engaged in international energy trade and develops a renewable
energy portfolio in the form of solar energy and biomethane
production and sales.
JSC “Latvijas Gāze” Board
On the JSC “Latvijas
Gāze”Latvijas Gāze is one of the leaders of the Baltic
energy industry.Our goal is to consolidate the leading position of
the Latvijas Gāze Group in the Latvian and Baltic energy market by
becoming the customers’ first choice among natural gas suppliers
and providing the most reliable natural gas supply for the entire
region.The wholesale and sale of natural gas to business customers
is carried out in Latvia, Lithuania and Estonia. Following the
opening of the Finnish gas market on January 1, 2020, Latvijas Gāze
has successfully started natural gas trading in Finland as well. In
the household segment, Latvijas Gāze is the biggest and most
prominent natural gas trader in Latvia.After Latvia regained its
independence in 1991, a joint state-owned company “Latvijas Gāze”
was established by merging the Latvian gas infrastructure and
institutions. The privatisation of the company was commenced in
1997 and completed in 2002. Since February 15, 1999, the shares of
the JSC “Latvijas Gāze” have been quoted on the Nasdaq Riga stock
exchange. Taking into account the requirements of the European
Union for the establishment of the natural gas market and the
expiry of the privatisation agreement between the state and the
shareholders of Latvijas Gāze, the unified transmission and storage
operator JSC “Conexus Baltic Grid” was separated from Latvijas Gāze
in early 2017, followed by the separation of the distribution
system operator JSC “Gaso” on December 1, 2017.
Contact information: Sandra
Jokstainvestor.relations@lg.lvphone + 371 67 374 369
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