Government Preparing Gas Network Purchase ({{commentsTotal}})

Eesti Energia sees its competitive edge in the fact that it can offer electricity as well as gas to customers. Source: (ERR)

The Estonian government has given the Minister of Economy, Urve Palo, a green light to purchase a majority share of AS Võrguteenus Valdus, which owns the nation's gas transmission network.

Prime Minister Taavi Rõivas said at a press conference Thursday that the move would boost energy security in Estonia.

The company is valued at around 60 to 70 million euros, with Fortum Heat and Gas OY owning a little over 51 percent, with Gazprompank (37 percent) and Itera Latvija (10 percent) also among the major shareholders.

The company would most likely be merged with Elering, the state-owned operator of electric power system network.

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