RIGA - Latvijas Gaze natural gas utility has started the process of selling its gas distribution system operator Gaso, Latvijas Gaze CEO Aigars Kalvitis informed LETA.
Kalvitis indicated that in accordance with the current regulation, Gaso cannot be run by Russian or Belarussian shareholders, and since Latijas Gaze has shareholders from Russia, Gaso must be sold.
"The sale process is under way, and I hope that it will result by the middle of this year," Kalvitis said, adding that he cannot elaborate on the sale procedure which is confidential.
As reported, Latvijas Gaze shareholders at a meeting on August 8, 2022 decided to start the reorganization of its distribution system operator Gaso by division, transferring 100 percent of Gaso shares, currently owned by Latvijas Gaze, to a new incorporated company.
Gaso is a subsidiary of Latvijas Gaze natural gas company and the only natural gas distribution system operator in Latvia. The company ensures the safety of gas networks, provides technical services and measures gas consumption. Gaso launched operations in December 2017.
Gaso's share capital consists of 39.9 million shares. Latvijas Gaze is currently the sole owner of Gaso.
In 2021, Gaso turned over EUR 57.91 million and generated EUR 11.55 million in profit.
The largest shareholders of Latvijas Gaze include Russia's Gazprom (34 percent), Marguerite Gas II S.a.r.l. (28.97 percent) and Germany's Uniper Ruhrgas International GmbH (18.26 percent) and Itera Latvija (16 percent).