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. Last Updated: 07/27/2016

Latvian Gas Sale Nears

RIGA, Latvia -- The privatization agency may clear the way for the sale in March of a 26 percent stake in state-owned utility Latvian Gas, director Janis Naglis said Wednesday.

"If the [agency's] council makes a positive decision Dec. 22 it will mean that we will be able to sell Latvian Gas shares in March," Naglis said at a news conference.

The sale of the 26 percent stake, about 10 million shares, would leave the state with a 9.9 percent stake. A final decision has been delayed due to legal problems surrounding the firm's underground storage facilities and political bickering over the price setting at earlier stake sales.