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Russia/Lithuania: Gazprom exits Lithuania after record fine

By  |  June 12, 2014

Gazprom will reportedly divest its ownership in two Lithuanian gas distribution firms following Lithuania’s record-setting competition fine imposed on the Russian fuel giant.

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    According to reports, Russia and Lithuania had sparred in recent years over the implementation of EU rules aimed to distance gas supplies from the ownership of distribution. Lithuania announced Wednesday it issued a $48.2 million fine against Gazprom for anticompetitive behavior after finding evidence the Russian company squeezed rival suppliers out of the market.

    It was the largest fine Lithuanian competition regulators have ever imposed.

    Now, Lithuania announced Thursday that Gazprom is selling its 37.1 percent shares in Amber Grid and Lietuvos Dujos, a move encouraged by Lithuania.

    According to reports, the companies were sold to two state-owned groups totaling a $191.7 million transaction.

    Full content: Reuters

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