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Gazprom goes to international arbitration for investment protection in Lithuania

13:40 01/03/2012

MOSCOW, March 1 - RAPSI. Gazprom has appealed to an international arbitration tribunal on Thursday to protect its investments in Lithuania.

Gazprom made the statement during a board meeting of the Lietuvos dujos company while voting on its future business as per new Lithuanian legislation.

Draft amendments to the natural gas law adopted in February have become a stumbling block in the relations between the Lithuanian government and Gazprom.

The amendments have given the green light to restructuring the Lithuanian gas supply sector. The EU third energy package requires separating the company's gas sales business from its gas transportation business.

Gazprom says Lithuania, Latvia and Estonia are closed markets and the EU third energy package grants them a delay until conditions are created for open markets.

Meanwhile, Lithuania has chosen the toughest way to implement the European energy directives.

Gazprom owns a 37.1-percent stake in Lietuvos dujos, while Germany's E.On Ruhrgas holds a 38.9-percent stake, the Lithuanian State Property Fund owns 17.7 percent and other individuals and entities own a 6.3-percent stake.

Lietuvos dujos will have to be divided by areas of activity by October 31, 2014.

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Gazprom goes to international arbitration for investment protection in Lithuania

13:40 01/03/2012 Gazprom has appealed to an international arbitration tribunal on Thursday to protect its investments in Lithuania.
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