Eesti Gaas
 | |
 Headquarters of Eesti Gaas on Liivalaia street, Tallinn. | |
| Industry | Oil and gas |
|---|---|
| Founded | 1990 |
| Headquarters | Tallinn, Estonia |
Key people | Raul Kotov (CEO) |
| Products | Natural gas |
| Services | Natural gas sale and distribution |
| Subsidiaries |
AS EG Ehitus AS Gaasivõrgud |
| Website |
www |
Eesti Gaas AS is a natural gas company with headquarters in Tallinn, Estonia. It imports, sells and distributes natural gas in the Estonian market. In addition, it sells electricity.
Eesti Gaas was established in 1990 as a state enterprise.[1] The company was partly privatized in 1993–1995. In 1993, 30% stake in Eesti Gaas was transferred to Lentransgaz, a subsidiary of Gazprom, to eliminate the gas debt dispute.[2] In 1994, Ruhrgas (later: E.ON Ruhrgas) acquired about 15% of the company's shares while the management of the company together with other private investors, and the UK-based Baltic Republic Fund acquired 7.5% of shares both.[1][3] As a result, the Government of Estonia kept 39% stake.[1] In December 1996, Ruhrgas increased its stake to 21%; 12% was sold to public. In January 1999, the remaining state-owned shares were sold. Ruhrgas increased its stake up to 32%, Gazprom kept its 30% stake and Neste (later Fortum) got 10% stake.[1][3] Later that year Itera (now part of Rosneft) Latvian branch acquired nearly 10% stake from the Baltic Republic Fund. In following years, Gazprom increased its stake up to 37%, E.ON up to 33.66% and Fortum up to 17.7% by buying shares from private investors.[3][4] In 2014, E.ON sold its stake to Fortum, which became the largest shareholder with 51.4% stake.[5] In February 2016, it was announced that Fortum will sell its stake to Trilini Energy, a company controlled by the investment firm Infortar, the major shareholder of the shipping company Tallink.[6]
In 1998, all regional subsidiaries of Eesti Gaas were merged into the parent company.[7] In December 2004, the gas infrastructure construction activities were transferred to the separate subsidiary, AS EG Ehitus. In 2005, the gas grid services (transmission and distribution) were transferred to the newly established subsidiary company EG Võrguteenus. In 2013 the distribution network was separated from EG Võrguteenus into a newly established subsidiary of Eesti Gaas, AS Gaasivõrgud. In 2014, to implement the EU 3rd energy package EG Võrguteenus was separated from Eesti Gaas.[8]
In 2013, Eesti Gaas started to sell electricity.[9]
References
- 1 2 3 4 Liuhto, Kari (2006). Expansion Or Exodus: Why Do Russian Corporations Invest Abroad?. Journal of East-West business 11 (Psychology Press). pp. 66–67. ISBN 9780789032867.
- ↑ Drezner, Daniel W. (1999). The Sanctions Paradox: Economic Statecraft and International Relations. Cambridge University Press. p. 227. ISBN 9780521644150.
- 1 2 3 Grigas, Agnia (2014). The Politics of Energy and Memory between the Baltic States and Russia. Ashgate Publishing. pp. 109–111. ISBN 9781472451361.
- ↑ OECD (2013). Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil Fuels 2013. p. 145. ISBN 9789264187610.
- ↑ "Fortum acquired majority holding in Eesti Gaas". The Baltic Course. 2014-07-02. Retrieved 2016-02-27.
- ↑ "Fortum sells holding in Estonian gas seller Eesti Gaas". The Baltic Course. 2016-02-23. Retrieved 2016-02-27.
- ↑ Terterov, Marat; Reuvid, Jonathan (2005). Doing Business with Estonia. GMB Publishing. p. 120. ISBN 9781905050567.
- ↑ "EG Vorguteenused was separated from Eesti Gaas". The Baltic Course. 2013-11-20. Retrieved 2016-02-27.
- ↑ "Eesti Gaas will start selling electricity". The Baltic Course. 2012-10-04. Retrieved 2016-02-27.