Gazprom has finally left Latvia

Gazprom sold its shares in Latvia's main gas company and finally left the country. The Russian company has been a shareholder of Latvijas gāze for 27 years. Even earlier, Latvia stopped importing Russian gas.

Gazprom has disappeared from the register of Latvijas gaz shareholders. This information is published by the Latvian gas company. 34% of the shares were bought by Energy investment, owned by board members Latvijas gase, and Lithuanian Haupas.

As a result, the management of the gas company became one of its largest shareholders — 27.85%. According to LSM, Aigars Kalvitis, Chairman of the Management Board of Latvijas Gaze, said that by buying out 34% of Gazprom's shares, management gained control over about 63% of the shares.

The company's management is also exploring the possibility of repurchasing shares from Itera Latvia and German Uniper Ruhrgas International, which together with Gazprom entered the Latvian company in 1997 after its privatization. Then the amount of the transaction was estimated at 80 million euros.

Energy Investments bought Gazprom shares from the Luxembourg investment fund Marguerite Gas II. The amount is unknown.

Gazprom was the largest supplier of gas to Latvia. After starting SMO on In Ukraine in 2022 Latvijas gaze stopped taking away Gazprom's volumes, and announced the purchase of Russian gas from a third party. The Russian company stopped deliveries.

The energy crisis of 2022 and record fuel prices came as a shock to Latvia. Consumers have reduced demand by several times. Experts noted that the local gas market is deteriorating.