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. Last Updated: 07/27/2016

State to Sell Gas Stake

CHISINAU, Moldova -- Moldova will sell its 35 percent stake in natural gas joint venture Moldovagaz next year in an open tender, deputy head of the government privatization agency Victor Bodiu said Wednesday.

He said the government would invite an investment bank to advise it on the sale of the stake in Moldovagaz, a $120 million joint venture that controls all the country's gas assets.

"Moldova will retain no shares in Moldovagaz," Bodiu said at a news conference.

Russian natural gas monopoly Gazprom took a controlling 51 percent stake in the venture when it was created in April in exchange for writing off some of the hundreds of millions of dollars the ex-Soviet republic owed for supplies.

Moldova took 35 percent of the company, and the country's separatist Transdnestr region received 14 percent.