A final agreement has been reached by Lithuania’s Kauno Enerija on the sale of a controlling stake in KTE thermo power station to US-based Clement Power Venture.

The plant is majority owned by Gazprom (MICEX-RTS: GAZP), who along with Dujotekana and Clement Power Venture, acquired the station in 2003 for $40m

  The agreements need to be approved by shareholders, who will meet on this issue Aug. 17.

  “After the documents are signed [by Gazprom] there will be no obstacle drawing the deal out, and this will make possible an inflow of investment and a reduction of heating prices,” KTE chief Antanas Pranculis said, as reported in the Moscow Times.

Gazprom, along with Dujotekana and Clement Power Venture, acquired the Kaunas station from Kauno Energija in 2003 for about $40 million.

For more power business news

     

 

Share