Energy, EU – Baltic States, Gas, Investments, Latvia, Legislation

The minister confirmed that following an in-depth analysis, it was concluded that it would be inexpedient for the state to acquire E.ON Ruhrgas stake in Latvijas Gaze, as only a minority interest would be acquired. At the same time, the minister stressed that Latvia is interested that the shares be sold to someone who is not related to the Russian gas supplier "Gazprom". This will be the main criterion in assessing the deal.

The buyer will be chosen by E.ON Ruhrgas, the politician reminded, adding that the state still holds the preemptive right. If Latvia is not satisfied with the buyer, there will be an opportunity to exercise this right.

As reported, the state is no longer considering acquiring a 47 percent stake in the Latvian gas supply company Latvijas Gaze from the German company E.ON Ruhrgas, as a "potentially suitable" buyer has been found, Prime Minister Laimdota Straujuma (Unity) previously revealed. Straujuma did not reveal the name of the potential buyer, as "private business secrets cannot be disclosed".

The magazine "Ir" previously reported that a fund, where one of the investors is the European Investment Bank, is interested in buying the 47 percent stake in Latvijas Gaze from E.ON Ruhrgas. Unofficial information reveals that the prospective buyer is the fund Marguerite (full name "The 2020 European Fund for Energy, Climate Change and Infrastructure"), established by several European banks. Representing the fund's interests is Luxembourg-based Marguerite Adviser S.A. Its representatives visited Latvijas Gaze on February 3-4 to get fully acquainted with the company's financial reports and the overall situation, as well as visit the Incukalns gas facility, which experts consider the key to the Baltic States' energy independence.