Gazprom Agrees on Sale of Lithuanian Stakes

Russia’s Gazprom said it would sell its stake in Lithuanian gas utility Lietuvos Dujos and gas grid company Amber Grid to a state-owned firm, with Vilnius welcoming the decision that should pave the way to higher energy security in the Baltic country. 

‘After Gazprom’s final decision to sell the shares of Amber Grid and Lietuvos dujos, Lithuania will reach its goals to fully implement the EU Third Energy Package. For Lithuania this would open up opportunities to make an important step in the diversification of the resources of natural gas supply, to have a market-based gas sector and obtain full control over the projects of the infrastructure and sector development,’ Lithuania’s Minister of Energy Jaroslav Neverovič said in a note released on Thursday.

Lithuania’s ties with Russia remain strong, but the political relations remain quite wobbly. The Baltic country claimed a victory in its long-running battle against Gazprom last month, when it clinched a deal with the Russian giant for a gas price discount over 20%. President Dalia Grybauskaitė launched a resounding warning to Russia, saying that she would have done everything she can to protect Vilnius’ independence.

However, recent Russian concessions are expected to improve their relationship.

‘We hope that even after the withdrawal from the management of the companies, Gazprom will remain a reliable partner for Lithuanian companies in the gas sector and maintain relationship based on commercial principles. In turn, Lithuania, after completely taking over the management and control of the infrastructure, will ensure a reliable gas transit to Kaliningrad and will be open to the development of mutually beneficial gas projects with partners from the Russian Federation,” commented Neverovič. 

Gazprom would sell its stakes to EPSO-G, which also acquired shares from Germany’s E.ON two weeks ago.