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. Last Updated: 07/27/2016

Gazprom to Latvia

RIGA, Latvia () -- Russian energy giant Gazprom and the German consortium Ruhrgas/Preussenelektra have been awarded the winning bids to acquire 16.25 percent each of shares in the state-run Latvia Gas Co., the Latvian Privatization Agency said Friday.

Gazprom and Ruhrgas are expected to invest $50 million in Latvia Gas this year, which would make it the biggest foreign investment in Latvia, the agency said.Latvia Gas sold 1.1 billion cubic meters of gas in 1995. Annual turnover is $160 million, and it reported a profit last year of about $1 million.