Several solutions considered for acquisition of Conexus shares held by Gazprom

RIGA – Several solutions are being considered for acquisition of shares in Latvia’s Conexus Baltic Grid (Conexus) gas transmission and storage system operator held by Russian gas concern Gazprom, Economics Minister Ralfs Nemiro (KPV LV) told LETA.

"All I can tell you – this issue is being solved. I cannot reveal how the transaction will be organized because it might influence the process. All possible variants are being considered. The main issue is economic benefit and future prospects," said the minister.

Nemiro said that, according to the EU legislation, the same shareholder may not have a stake in a gas transmission operator and gas merchant.

At present Gazprom holds shares in Conexus and Latvijas Gaze natural gas merchant.

Former economics minister Arvils Aseradens (New Unity) said last spring that Gazprom cannot reach an agreement with the Latvian state on sale of Conexus shares.

Conexus Baltic Grid, which has taken over natural gas storage and transmission functions from Latvijas Gaze, was established on December 22, 2016. Its largest shareholders were Russian Gazprom (34.1 percent), Marguerite Fund (29.1 percent), Germany's Uniper Ruhrgas International GmbH (18.3 percent) and Itera Latvija (16 percent) or the same as Latvijas Gaze shareholders. But the shareholders, with the exception of financial investor Marguerite Fund, had to dispose of their shares in Conexus Baltic Grid by the end of 2017 so that the new shareholders would not be related to Latvijas Gaze.