Transmission System Operator AB Amber Grid Has Become the Shareholder of UAB GET Baltic

2013-08-02

On 1 August of this year, Lithuanian natural gas transmission system operator AB Amber Grid has become third shareholder of UAB GET Baltic. So far, AB Lietuvos Dujos held 66 percent of the company’s shares and Gasum Oy – 34 percent of shares. From 1 August the shareholder structure is as follows: AB Lietuvos Dujos holds 34 per cent of shares, Gasum Oy – 34 per cent of shares and AB Amber Grid – 32 per cent of shares. Changes in the shareholder structure have not changed the company‘s authorized capital or nominal value of the share. After spin-off, AB Lietuvos Dujos had transferred 32 of 66 per cent owned shares to AB Amber Grid. This transaction was foreseen in the Terms and Conditions of the Spin-off of AB Lietuvos Dujos.

“In whole word founders and shareholders of the natural gas Exchanges are natural gas transmission system operators. It is a right and reasonable practice, because the Exchange is the main important instrument useful for balancing of natural gas flow on the transmission system by creating equal and transparent conditions for all participants. The same interest – increase of consumption of gas in the market has transmission system operator, because then the infrastructure is efficiently used and the market operator, which administrates the Exchange, as it is most important for trading volume and liquidity growth. Next year a lot of innovation will be brought to the natural gas market in Lithuania, it is clear that the natural gas Exchange will be a very important instrument and integral attribute of a transparent gas market.

Close cooperation between the transmission system operator as developer of an infrastructure and the market operator will provide synergy by implementing important projects for the whole region. Very important and common for the region purpose – market integration, will be reached by developing necessary infrastructure and appropriate market instruments, which will let take advantage of its benefits. Just by clicking couple buttons it will be possible to trade natural gas on the Exchange not only in the territory of Lithuania, but also with the neighboring countries and get the maximum economical benefit out of that. By implementing the goals mentioned above, it is important for us to go hand in hand with all innovations, which is provided by a consistent development of the transmission system. So, it is great, that AB Amber Grid has become the shareholder of our company.” – CEO of UAB GET Baltic Haroldas Nausėda commented the access of new shareholder.

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