Gazprom may increase bid for stake in Lithuanian gas company

Russia's natural gas monopolist Gazprom is ready to offer $32.8m for a 34-percent stake in Lithuanian gas company Lietuvos Dujos in the event of liberalization of the Lithuanian market and $29.8m if the Lithuanian government continues to control gas prices on the domestic market, a source in Gazprom reported to RBC. The source explained that they had increased the bid for the stake in Lietuvos Dujos from the initial bid of $23m due to two reasons. Firstly, the financial standing of the Lithuanian gas company has improved and, secondly, the Lithuanian gas market can see liberalization for large consumers, which means the Lithuanian government may stop controlling gas prices.

Lithuanian officials were quoted as saying that the main issue was not the price for the stake in Lietuvos Dujos but guarantees of lasting gas supplies on the Lithuanian market by Gazprom.

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