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Gazprom Buys 100% Stake in Kyrgyzgaz

Steel News - Published on Mon, 14 Apr 2014

Russia is opting for a complex strategy, shifting its focus eastwards and sending mixed messages to Brussels and Washington. Meanwhile, Gazprom confirms its clout in some of its neighbour countries and in Russia.

On Thursday, Gazprom’s management signed a Sales and Purchase Agreement for a 100% stake in KyrgyzgazProm.

Mr Alexey Miller, chairman of Gazprom Management Committee said in a note that “The acquisition of KyrgyzgazProm is a natural follow-up of our long standing relations with Kyrgyz partners. Gazprom receives a direct access to Kyrgyzstan\'s market, and the country has guarantees of reliable gas supplies as well as a sound investment in an extensive retrofit and upgrade of gas transmission and production capacities. Gazprom becomes a strategic investor in the Kyrgyz economy.”

The company is the sole importer of natural gas to Kyrgyzstan and owner of the country’s gas transmission and distribution systems.

Kyrgyzstan’s Parliament gave the final green light to the acquisition of Kyrgyzgaz by Russia’s Gazprom in December 2013.

Gazprom is also trying to cement its position in Russia betting on technology and standardization. Also on Thursday, its management dealt with the issues of introducing a standardized gas compressor unit.

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Posted By : admin on Mon, 14 Apr 2014
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