REUTERS
Russian gas giant Gazprom has put up for sale a 10.5% stake in the German gas distributor Verbundnetz Gas (VNG) in line with the Russian company's strategy to pull back from operations in Europe, Russian news agency TASS has reported, quoting sources close to the deal.
According to a source close to the Russian monopoly, Gazprom has several purchase offers for its stake in VNG. A second industry source confirmed the intention of Gazprom to sell the stake.
State-controlled Gazprom has been cutting back on its exposure to Europe against the background of frosty relations between Russia and the European Union over Moscow's role in the Ukraine conflict.
VNG is a gas distribution company in Germany, which sells gas not only in Germany but also in Austria, Italy, Czech Republic, Slovakia and Poland.
VNG is implementing projects on gas production in Norway, and also owns underground storages.
Gazprom’s stake may be purchased by Germany’s EWE, which in the fall last year acquired a 15.79% stake in VNG from the main partner of the Russian company in Europe - German Wintershall, having consolidated a 63.69% share stake. The blocking stake in VNG belongs to several municipal services in Germany.
Although the deal has not been finalized yet, according to the source, the agreement with EWE on sale of the stake for EUR 200 million has already been signed. The amount is based on the deal between Wintershall and EWE of EUR 320 million for a 15.79% stake in VNG.