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    Reuters: Russia's Gazprom Plans to Sell Stake in German Gas Group VNG

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Summary

Gazprom has announced that it is selling its 10.52% stake in German gas group VNG as it says it's unable to participate properly in the management of VNG

by: Erica Mills

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Reuters: Russia's Gazprom Plans to Sell Stake in German Gas Group VNG

Gazprom said on Monday it plans to sell its 10.52 percent stake in Germany's natural gas supplier Verbundnetz Gas (VNG), in line with the Russian company's strategy to pull back from operations in Europe.

Gazprom said the decision to sell the stake was made after Wintershall Holding sold its stake in VNG. Gazprom and Wintershall jointly held a blocking stake of 26.31 percent in VNG.

"Now, Gazprom is unable to take real participation in managing VNG," Gazprom said.

Read the full article HERE.

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