Lithuanian gas transmission system operator Amber Grid aiming to benefit on the synergies of the common EU gas market and to enable to offer the most advanced gas trading solutions to customers of the regional gas exchange GET Baltic plans to announce a selection of a strategic partner of the exchange. This week, the planned sale of a part of GET Baltic shares to a selected strategic partner was also approved by the Boards of Amber Grid and its holding company EPSO-G.
“After Lithuania, other Baltic countries and Finland will soon this year be connected to Poland and the pan-European gas market via GIPL interconnection, greater opportunities for cross-border gas trade will be opened up. Attracting a strategic partner will ensure for gas market participants access to the latest technological solutions – trading and clearing systems. This future partnership also aims to ensure competitive exchange fees, faster liquidity growth and attractive trading conditions. This way, we will meet expectations of the Baltic and Finnish gas market participants to receive top-notch services,” says Nemunas Biknius, CEO of Amber Grid.
Together with an experienced strategic partner operating in more advanced EU gas markets, GET Baltic is expected to offer gas market participants a modern, advanced solutions-based gas trading platform that includes both short-term and long-term products and clearing services in line with the best market practices. This need is also confirmed by expectations identified during the survey of the exchange clients to update the trading system, to implement improved functionalities and to offer new trading opportunities.
“Our aim is to strengthen and create a mature regional gas exchange. A strategic partner will attract global players to the gas market, which will benefit market participants, customers of the exchange and increase competition in the gas market, thus creating benefits through growing gas flows, higher revenues from the use of the gas transmission network and through price convergence,” says N. Biknius.
A public international tender will be held to select the most suitable strategic partner. Its documents will be published on 1 February 2022. The tender will be held in several stages: selection of participants, consultations on the key terms of the transaction with the selected participants, and submission and evaluation of tenders. It is planned that a strategic partner will be selected this year.
Companies with at least 3 years of experience in organizing gas trade in short-term and long-term gas products in the European Union and operating in more advanced gas market will be able to participate in the selection of a strategic partner. The participant who meets the qualification requirements and offers the highest price for GET Baltic shares will be able to acquire a stake of 66% in GET Baltic. The remaining part of the shares accounting for 34% would subsequently be sold as an option to the same investor, once it discharges the obligations under the sale-purchase agreement related to ensuring benefits for the regional market.