A working meeting between Alexey Miller, Gazprom’s Management Committee Chairman, and Klaus-Ewald Holst, Verbundnetz Gas AG’s CEO, was held today at Gazprom’s Headquarters.

The parties discussed cooperation between Gazprom and VNG, given the recent changes in the latter company’s asset structure as Ruhrgas and E.ON had sold VNG’s major stake to EWE.

The parties also considered cooperation prospects in the gas business and other sectors and affirmed Gazprom’s status as VNG’s stockholder.

Reference:

The Leipzig-based Verbundnetz Gas AG JSC was established back in 1969 and is a monopolist on the pipeline gas market and in import procurement in federal lands of eastern Germany and Berlin.

VNG’s business operations include natural gas imports and deliveries to consumers.

The company’s shareholders are, at present, EWE (47.9%), Wintershall AG (15.79% plus 1 share), VNG Verwaltungs und Beteiligungesellschaft (25.79% less 1 share), ZGG (5.26%) and Gazprom (5.26%).

VNG’s production activities are carried out through the company-owned spread gas transportation and distribution system with the total length of some 7.3 thousand km, including a 86.9 MW compressor station and a UGS facility with the capacity of 2.1 bcm of active gas.

Under the German Federal Economics and Technology Ministry’s requirements, the transaction between Ruhrgas AG/E.ON involved sales of a VNG’s 32.1% stake.

32.1% of VNG’s shares was sold to the large German-based EWE Energy Concern and a 10% stake was offered to municipal organizations. Total price of the transaction (sales of 42.1% of Verbundnetz Gas’ stake) accounted for Euro 840 million.

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