Board of Directors agrees upon Gazprom’s acquisition of Latvijas gaze’s 9% stake
Gazprom’s Headquarters keep hosting the Company’s Board of Directors’ meeting.
The Board agreed upon Gazprom’s acquisition of another 9% of shares in Latvijas Gaze’s charter capital.
Background
Gazprom’s natural gas deliveries to Latvia account for some 1.15 bcm and tend to grow.
Latvijas Gaze’s major business lines are gas procurement, transmission, storage and distribution in Latvia. The company owns the Inculkans UGS facility supplying gas to consumers of the Novgorod and Pskov regions (about 1 bcm/y) as well as to Latvia and Estonia.
Currently totaling 4 bcm, the designed capacity of the Inculkans UGS facility is projected to be increased to 5 bcm by 2005.
Information Directorate, OAO Gazprom