Natural Gas Grid Changed From Subsidiary to Affiliate ({{commentsTotal}})

Eesti Gaas executive Raul Kotov Source: Photo: ERR
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Business

At a shareholders meeting on Tuesday, the natural gas supplier Eesti Gaas voted to change the distribution grid, EG Võrguteenused, from a subsidiary to an affiliate, reported ETV.

In 2012, Parliament passed a bill despite resistance from Eesti Gaas forcing the gas supplier to sell its distribution infrastructure.

The Cabinet's view has been that separating Estonia's gas grid from the supplier is the first step to creating a functional natural gas market based on EU market requirements.

Eesti Gaas executive Raul Kotov said that yesterday's move would not affect the daily operations of either company.

"Pursuant to the natural gas act, the separation of proprietorship must be carried out by January 2015. That means the shareholders have the year 2014 to decide what the next steps will be," Kotov said.

For the time being, the shareholders remain the same in both companies. Currently, 37 percent of Eesti Gaas shares are held by Gazprom, 34 percent by Ruhrgas, 18 percent by Fortum and 10 percent by Itera Latvija.



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