Gazprom’s Board of Directors meeting is in progress at the company’s headquarters.

The Board approved a number of deals within its area of responsibility, including the purchase of a 34% equity stake in Lietuvos Dujos valued at LTL (litas) 100 million.

Reference:

Lietuvos Dujos Joint Stock Co. is a Lithuanian gas company involved in natural gas purchasing, transportation and distribution in the Republic of Lithuania. The company employs 2,200 employees. Lietuvos Dujos operates a 1,630 km high-pressure gas pipeline system and owns a compressor station, a gas metering station, and 58 gas distribution stations.

Under the 5-year agreement signed in 2000 with Gazprom, Lietuvos Dujos received 450 million cubic meters of Russian gas in 2002. The same volume is expected to be delivered to Lithuanian consumers in 2003. Net profit for 2003 is forecast at LTL 80 million.

Ruhrgas and E. ON hold a 35.7 % stake in Lietuvos Dujos.

The State Property Fund of the Republic of Lithuania is seller of Lietuvos Dujos’ 34% equity stake.

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