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Published: 2 october 2012 11:49

Kaunas power plant sale deal to be closed on 8 October

Kauno termofikacinės elektrinės plėtra supriešino politikus
Eriko Ovčarenko / 15min nuotr. / Kauno termofikacinės elektrinės plėtra supriešino politikus

Clement Power Venture, a US-registered company owned by Rimandas Stonys, is expected to take over a majority stake in Kauno Termofikacijos Elektrinė (Kaunas Combined Heat and Power Plant, or KTE) from Russia's gas giant Gazprom next week, thus closing a deal that has sparked controversy among politicians in Lithuania's second-biggest city.

"We plan that the transaction will be finalized on 8 October. They are now waiting for approval, a letter from Moscow," Rimantas Bakas, the CEO of the municipal district heating supplier Kauno Energija (Kaunas Energy), told BNS.

KTE Director Antanas Pranculis also said that they expect the deal to be closed early next week.

"The closing of the deal is expected at the start of next week. The procedure is ongoing, but we have to receive a confirmation, because the sale and acquisition of the shares is taking place outside Lithuania," he told BNS.

Gazprom's representatives confirmed to BNS on Monday that the sale procedures have not yet been completed.

Kauno Energija's management in August approved certain amendments to the company's agreements with KTE, which produces about 80 percent of all heat energy consumed in Kaunas.

Kauno Energija, which is 92.82 percent owned by the city of Kaunas, sold its shares in KTE to Gazprom in 2003. The Russian group then undertook certain investment commitments and promised to maintain its majority shareholding in the plant until 2018.

Gazprom last spring decided to sell KTE following several years of disagreement with Kaunas' authorities over the Russian company's failure to meet its investment commitments and due to disapproval by both the central and local authorities of its project to build a new power plant worth around a billion litas.

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