Joint Stock Company "Latvijas Gāze" statement regarding the story about the Joint Stock Company “Latvijas Gāze” run by LTV’s “De facto” on February 4, 2024
07 Février 2024 - 11:00AM
UK Regulatory
Joint Stock Company "Latvijas Gāze" statement regarding the story
about the Joint Stock Company “Latvijas Gāze” run by LTV’s “De
facto” on February 4, 2024
The Joint Stock Company “Latvijas Gāze” has
gotten acquainted with the story about the Joint Stock Company
“Latvijas Gāze” broadcast on LTV’s “De facto” on February 4, 2024
and in this regard announces the following.
The inclusion of two members of the Council of the Joint Stock
Company “Latvijas Gāze” in the UK financial and related sanctions
lists does not prevent the Joint Stock Company “Latvijas Gāze” from
taking part in procurements held by public service providers
(Section 111 Paragraph one of the Law on International
Sanctions and National Sanctions of the Republic of Latvia) as
these sanctions do not affect the fulfilment of the potential
procurement by the Joint Stock Company “Latvijas Gāze”.
It is the direct ownership of over 25% by the
PJSC “Gazprom” that prevents the Joint Stock Company “Latvijas
Gāze” from doing so (Section 48 Paragraph two Clause 3 of the Law
On the Procurement of Public Service Providers). The said
restriction would not apply if the client (the public service
provider) held the procurement beyond the scope of the law. In the
context of natural gas supply, such potential exceptions are set
out in Section 10 Paragraph one Clause 16 and 17 of the Law On the
Procurement of Public Service Providers. The natural gas market in
Latvia has shrunk. In 2023, according to the Central Statistics
Bureau, the total natural gas consumption in Latvia was 8,405.7
GWh, most of which was the natural gas consumed by the JSC
“Latvenergo” for own needs. When it comes to competing for the
remaining market segment, non-participation in public procurements
has not left a substantial impact on the business of the JSC
“Latvijas Gāze”.
The Joint Stock Company “Latvijas Gāze” confirms
that its business activity of providing natural gas trading
and supply services complies with the regulatory enactments
(including laws, regulations, resolutions) of the Republic of
Latvia, the European Union and the United Nations involving and/or
associated with the application of sanctions and other restrictions
to a number of individuals, jurisdictions and territories, as well
as the US regulatory enactments involving and/or associated with
the application of sanctions and other restrictions.
Joint Stock Company “Latvijas Gāze”
Board
Riga, February 7, 2024
About the JSC “Latvijas
Gāze”
Founded in 1991, JSC “Latvijas Gāze” is one of the leaders
of the Baltic energy sector and provides the wholesale and sale of
natural gas to business customers in Latvia, Estonia, Lithuania and
Finland. In the household segment, AJSC “Latvijas Gāze” is the
largest and most prominent natural gas trader in Latvia. The
company has been listed on the NASDAQ Riga stock exchange since
February 15, 1999 – a proof of high standards in terms of
transparent governance, responsibility, and care for its customers,
investors, and the society as a whole.
Further information:
Sandra Joksta
investor.relations@lg.lv; phone + 371 67
374 369
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