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Sep 10, 2008, 15:22 GMT

Gazprom voices interest in buying stake in German gas importer

Leipzig, Germany - Gazprom of Russia confirmed on Wednesday its interest in expanding its stake in Germany's third-largest gas importing company, Verbundnetz Gas (VNG). Alexej Miller, chief executive of Gazprom, spoke in Leipzig during celebrations of the 50th anniversary of VNG's foundation as a major state-owned enterprise in communist East Germany. VNG's current business and municipal shareholders have been feuding for weeks. Gazprom, a Russian monopoly which has bought a series of European companies to improve its control over westbound imports, currently owns just over 5 per cent of VNG. One of its principal western investments is 50 per cent of the German gas pipeline company Wingas. 'We are looking into the possibility of increasing our VNG stake,' said Miller, but said this would only happen on an 'insignificant' scale. 'These discussions have been and will be carried on.' VNG is currently in a clinch with its biggest shareholder, the western German company EWE, which owns 48 per cent. VNG chief executive Klaus-Ewald Holst said Wednesday EWE had been a disappointment as an owner. EWE has said it hopes to achieve majority control, but other shareholders told EWE last week they would not sell.

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