To ensure compliance with sanctions imposed by the European Council, the Enterprises Register has decided to add changes to the Commercial Register. As of Monday, the 27th of March, Antons Bubenovs is no longer the council and board member of Gaso JSC, according to the statement submitted to Nasdaq Riga by Latvijas gāze JSC.
The statement mentions that the Enterprise Register has made the decision that provides for adding changes to the Commercial Register, relieving certain Gaso council members of their duties on the 27th of March. This decision was made to ensure compliance with regulations related to sanctions that came into force on the 25th of February 2023, introducing restrictions for actions committed by Russia to destabilise the situation in Ukraine.
«Changes to the composition of Gaso board and council will not affect decision-making in the company’s everyday operations, because there is still a necessary quorum on both bodies of Gaso,» the statement from Latvijas gāze mentions.
Latvijas gāze notes that by exacting changes to the composition of Gaso’s board and council it is possible to ensure the parent company’s full compliance with existing sanctions.
Representatives of Latvijas gāze, reported at the end of February that the company is committed to doing everything it can to ensure necessary changes to Gaso’s management structure.
The company notes that the 25th of February marked the coming into force of a regulations from the European Parliament on restrictive measures in relation to Russia’s actions in destabilising the situation in Ukraine. According to this regulation, from the 23rd of March 2023 it is not allowed for Russian citizens or private persons living in Russia to take leading posts in critical infrastructure, Europe’s critical infrastructure and critical infrastructure management or operational structures.
Latvijas gāze subsidiary Gaso is a company important to national security. This company owns critical infrastructure – the natural gas distribution network. Considering this, as well as requirements of Latvian legislation and international sanctions, Latvijas gāze will take measures to ensure necessary changes to Gaso management.
Latvijas gāze’s turnover in 2022, according to provisional data, was EUR 689.752 million, which is 31.3% more when compared with 2021, when the concern’s profits increased 12.1 times – to EUR 39.073 million.
Gaso profits, according to provisional data, reached EUR 52.46 million, which is 11.3% less when compared with 2021. The company also suffered losses of EUR 1.751 million as opposed to profits the year prior.
Gaso is the only natural gas distribution system operator in Latvia.
The company provides security of the natural gas network, as well various maintenance services and keeping records of natural gas consumption. Gaso was founded in December 2017. Its sole owner is Latvijas gāze.
Latvijas gāze’s biggest shareholders are Russian Gazprom (34%), Marguerite Gas II.S.a.r.l. (28.97%), Uniper Ruhrgas International GmbH (18.26%) and SIA Itera Latvija (16%).
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