Gazprom to sell its stake in Lithuanian utilities in $164 million deal

VILNIUS, Lithuania – The Lithuanian government says Russian gas giant Gazprom plans to sell its stake in Lithuanian companies for some 417 million litas ($164 million).

Gazprom, which provides all of the Baltic country’s natural gas along a pipeline from Russia, owns 37.1 per cent of Lithuanian utilities Lietuvos Dujos and Amber Grid.

Prime Minister Algirdas Butkevicius said Thursday that the move will not impact gas prices before the current contract for gas purchases expires at the end of 2015. He said future prices will “depend on further talks with Gazprom.”

Later this year, a floating liquefied gas terminal will begin operations off the Lithuanian coast, in a move expected to reduce the dependence on Russian energy of the three Baltic countries, which include Latvia and Estonia.