Gazprom sells whole 34% stake in Latvijas Gaze - Latvian company

MOSCOW. Nov 11 (Interfax) - Russian gas giant Gazprom sold its whole 34% stake in Latvijas Gaze (LG) in October, the Latvian gas company said.

Energy Investments LLC bought 27.85% of LG shares from Gazprom and Lithuanian company Haupas bought the other 6.15%. The price of the sale was not specified.

In the fall of 2023, 28.97% of LG shares were bought out from Luxembourg investment fund Marguerite Gas II. Energy Investments took the next important step by buying out shares from Gazprom, and now Latvian citizens own a majority stake in LG, the company said.

LG CEO Aigars Kalvitis said that control has been acquired over about 63% of shares in the company as a result of these transactions, and the search will continue for a solution to buy out the shares of two other major shareholders, Latvia's Itera Latvija LLC and Germany's Uniper Ruhrgas International GmbH.

LG's largest shareholders as of November 8, 2024 were Latvia's Rietumu Banka with 28.97%, Energy Investment with 27.85%, Uniper Ruhrgas with 18.26%, Itera Latvija with 16% and Haupas with 6.15%.