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Gazprom to divest 50% stake in Bulgaria's Overgas for $18.3 million

Gazprom to divest 50% stake in Bulgaria's Overgas for $18.3 million

Sofia, August 13 - Neftegaz.RU. Russian energy giant Gazprom said that its board of directors has approved a decision to divest its 50% direct and indirect interest in Bulgarian natural gas supplier Overgas for 15.5 million EUR ($18.3 million), local Seenews reported..

Gazprom will divest 0.49% interest in Overgas for 151,900 EUR, while its unit Gazprom Export will divest a 49.51% stake for 15,348,100 EUR, Gazprom said in a filing to the Moscow Stock Exchange on Wednesday.

The company did not provide further details regarding its decision.

Overgas is the largest private gas company in Bulgaria. Sofia-based company, founded in 1991, has a total of 2,400 km of natural gas distribution pipelines and services over 250,000 households in the country, according to data published on its website. 

The company has invested over 320 million euro ($364 million) in the construction of distribution pipelines, invests and develops the natural gas pipeline network in Bulgaria and sells natural gas to end users in 51 municipalities.

Overgas said that it is planning to invest over BGN 79 million (EUR 40.4 million) in the construction of some 398 km of gas distribution pipelines over the period 2020-2024.