Lithuania to buy stakes in Gazprom holdings

|By:, SA News Editor

Lithuania's government agrees to buy stakes in the country's energy companies from Gazprom (OGZPY), as it tries to move toward diversifying its energy supply.

The move comes shortly after Lithuania hit Gazprom with a relatively high fine of ~$35M for blocking competition in the country; the European Commission also has opened an investigation into Gazprom into suspected efforts to lock up eastern European markets.

Lithuania, currently 100% dependent on Russian gas, has been paying 15% more for gas than the European average, but Gazprom recently agreed to cut prices by ~20% through the end of next year.