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Gazprom OAO Sells Its Stake in Kauno termofikacijos elektrine-Interfax


Thursday, 7 Mar 2013 03:39am EST 

Interfax reported that Gazprom OAO completed the sale on February 7, 2013 of its stake in the Kaunas cogeneration power plant Kauno termofikacijos elektrine (KTE), KTE chief Antanas Pranculis told. The Company sold the shares for over LTL 100 million (more than EUR 27 million) to Rimandas Stonys, the owner of United States-registered Clement Power Venture. Gazprom OAO decided to sell KTE last spring (in 2012), owing to the years-long dispute with the authorities in Kaunas concerning unimplemented investment plans and the lack of accord concerning further development of the power plant. In August 2012, Lithuania's Competition Council cleared Clement Power Venture to purchase the plant. The deal required the approval of Kauno energija, which had sold KTE to Gazprom OAO in 2003 under an agreement that obligated Gazprom OAO to retain a controlling stake in KTE until 2018. 

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