Finland boosts stake in gas utility to 75%

The Finnish Government has agreed to buy stakes in the nation’s gas company, becoming a majority shareholder in Gasum. It is purchasing 31% of the stake from Fortum and 20% […]

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By Priyanka Shrestha

The Finnish Government has agreed to buy stakes in the nation’s gas company, becoming a majority shareholder in Gasum.

It is purchasing 31% of the stake from Fortum and 20% of the share from E.ON – boosting its ownership to 75% – for €510 million (£398m) in total.

Russia’s Gazprom – Finland’s sole natural gas supplier – owns the remaining 25%.

The transaction is to ensure that Gasum has the capabilities to develop Finland’s gas market and infrastructure “in the best possible way”, the Finnish Government said.

Minister Sirpa Paatero, responsible for State ownership steering added: “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.”