Gazprom buys out Kyrgyzgaz for $1
Russia’s Gazprom has bought 100 percent of Kyrgyzgaz for a symbolic $1, as it also undertook to cover the company’s $40 billion debt. The deal makes Russia’s gas monopoly the sole gas supplier to Kyrgyzstan.
“It’s a historic day. Today we signed an agreement to acquire 100 percent of Kyrgyzgaz and this company is joining the big Gazprom family,” Gazprom CEO Aleksey Miller said Thursday.
Kyrgyzgaz will be renamed Gazprom Kyrgyzstan, and Gazprom plans to invest at least 20 billion rubles over the next five years.
“A goal of the new company is to provide reliable and stable gas supplies to all Kyrgyzstan customers at lower prices,” Miller said.
“To achieve that goal it’ll be necessary to renovate, modernize and reconstruct the existing transportation wires and trunk pipelines.”
http://rt.com/business/gazprom-kyrgyzgaz-buys-out-580/
