Lithuanian LNG Bunker Player To Sell off Stake in Natural Gas Trader

by Ship & Bunker News Team
Monday May 25, 2015

Lithuania-based AB Klaipėdos Nafta has announced it is looking to sell its stake in natural gas trading company UAB Litgas.

The attempt to sell comes after a European Commission recommendation that AB Amber Grid be certified as a transmission system operator on the condition that Klaipėdos Nafta disposes of its 33 percent stake in Litgas.

That amounts to 15 million shares priced at EUR 0.29 each ($0.32) each, with the other two-thirds of the company currently held by Lietuvos energija UAB

Amber Grid had previously announced that it would be complying with the European Union's Third Energy Package, which requires EU member states to unbundle their gas transmission activities from natural gas companies engaged in gas production and supply activities.

Klaipėdos Nafta added that it is holding a public offering in order to "guarantee objective and transparent sale of the shares."

"The Company invites interested potential buyers to submit primary non-binding applications by expressing an interest to participate in the purchase of shares," it said. 

Potential buyers have until May 29, 2015 to submit free-form non-binding applications.

it was reported earlier this year that Klaipėdos Nafta will also be working with Bomin Linde to develop LNG bunkering in the Baltic Sea