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  Saturday, December 14, 2019
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Gazprom buys 34 % of shares in Lithuania’s Lietuvos Dues
The Russian gas giant “Gazprom” has purchased 34 percent of the shares in the Lithuanian gas complex “Lietuvos Dues”. Director-General of the Lithuanian State Property Fund Povilas Milasauskas and Deputy Chairman of the Gazprom Board Alexander Ryazanov affixed their signatures to the agreement. The talks on this issue between the two countries lasted for more than 18 months. Gazprom will pay 100 million litas (29 million euros) for its block of shares. But the signing is not the final step in the process of privatization of the Lithuanian gas complex, Milasauskas said. According to him, Gazprom will get the block of shares not later than six months after the Lithuanian government approves a long-term agreement on Gazprom supplies of natural gas directly to Lietuvos Dues. The negotiations on this matter are now in progress in Vilnius, said he. Ryazanov expressed satisfaction with the deal, saying, “It is mutually beneficial for both Russia and Lithuania.” Germany’s Ruhrgas concern holds 35.1 percent of the Lithuanian company's authorized capital of 341 million litas, while the Lithuanian State Property Fund holds a 58.3 percent controlling stake. After the sell-off of Lietuvos Dues is completed, the Lithuanian State Property Fund will hold only 24 percent of the shares.
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