AB Amber Grid acquired a 34% stake of UAB GET Baltic from AB Lietuvos Dujos

UAB GET Baltic informes, that on 6 November 2015, AB Amber Grid acquired from AB Lietuvos Dujos a 34% stake in UAB GET Baltic. After the transaction, AB Amber Grid controls 66% of GET Baltic‘s authorized share capital. The Finnish natural gas company, Gasum Oy, owns the remaining 34% stake. “One of the strategic objectives of the state-owned AB Amber Grid is to form a single regional gas market in cooperation with the gas transmission system operators of the Baltic region, in order to increase the market liquidity, competitiveness, to attract new market participants. The Natural Gas Exchange is a very important tool in terms of increasing competition in the market, as well as the regional gas trading platform would speed up the formation of the regional market. This is the main reason behind the company’s acquisition of the shares” – said the Vice Minister of Energy and Chairman of the Board of Directors of AB Amber Grid, Dr. Aleksandras Spruogis, about the importance of this transaction.

The key function of UAB GET Baltic is to arrange trading on the Natural Gas Exchange. The company’s key task is to develop the transparent Natural Gas Exchange operating in accordance with economic principles, which would encourage a competition and generate a value for the natural gas sector and the players thereof.

At this time, trade in natural gas is arranged in the Lithuanian market. Nevertheless, the long term goal of UAB GET Baltic is to become a regional natural gas exchange, operating in all Baltic countries, with the involvement also of other Baltic region transmission system operators.