Finland Times

 

File Photo Gasum

The State of Finland strengthens its security of competitive energy supply by purchasing 31 per cent shares held by Fortum and 20 per cent by E.ON in the natural and biogas company Gasum Oy, said an official press release on Monday. 

 

With the purchase, the state’s ownership in Gasum increases to 75 per cent.

 

Prior to the purchase, the state’s shareholding in Gasum amounted to 24 per cent, divided between the Prime Minister’s Office (12.4%) and the National Emergency Supply Agency (11.6%).

 

Sirpa Paatero, the minister responsible for State ownership steering. File Photo Lehtikuva.

“The role of natural gas in Finnish energy supply and in industrial use is important. I’m very satisfied that the Finnish State can execute a long-lasting decision to strengthen its security of supply and further secures a competitive energy supply for the use of Finnish industry,” said Sirpa Paatero, minister responsible for state ownership steering.

 

The Prime Minister’s Office will transfer its shares in Gasum to Gasonia Oy, a state-owned company set up for the ownership arrangement. After the transaction, Gasonia will hold 48.5 per cent of Gasum shares. 

 

The shareholding of the National Emergency Supply Agency will increase to 26.5 per cent. The total transaction price for the 51 per cent shareholdings owned by Fortum and E.ON is EUR 510 million.

 

Director General of corporate governance Heliövaara and Gasum CEO Johanna Lamminen at a press conference in Helsinki on Monday. Photo Lehtikuva.

The transaction is to ensure that Gasum has the capabilities to develop Finland’s gas market and infrastructure in the best possible way regarding natural gas, biogas and liquefied natural gas.

 

The transaction is expected to be completed shortly, the press release added.