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New gas transmission, storage company founded in Latvia

Xinhua, December 23, 2016 Adjust font size:

A new company named Conexus Baltic Grid was founded Thursday to break the monopoly of Latvian natural gas Latvijas Gaze in line with EU requirements, local media reported.

Conexus Baltic Grid will take over Latvia's main gas pipeline and an underground storage facility from Latvijas Gaze, which will carry on with its gas sale business, reports said.

Conexus Baltic Grid will launch operations after its inclusion in the Latvian business register, which is expected to happen in the first week of January 2017, said Latvijas Gaze CEO Aigars Kalvitis who is also set to become the head of Conexus Baltic Grid.

He indicated that the goal of the new company is to become the Baltic leader by using the advantages of its gas storage and transmission system, ensuring at the same time transparent operations and management.

By the end of next year Conexus Baltic Grid has to be sold to new owners, Kalvitis said.

Russian gas giant Gazprom owns 34.1 percent in Conexus Baltic Grid, a 20.1 percent stake belongs to Marguerite Fund, 18.3 percent to Uniper and 16 percent to Itera Latvija. The remaining shares in the new company belong to small shareholders.

Latvijas Gaze shareholders in September 2016 approved the gas company's reorganization plan, providing for the founding of Conexus Baltic Grid, which is to take over gas transmission and storage business. Enditem