Amber Grid Jumps on Completing Gas Terminal Link: Vilnius MoverBryan Bradley
Amber Grid AB, Lithuania’s gas transmission company, rose to the highest level since its stock started trading in August after completing a link needed for the country’s liquefied natural gas terminal.
The shares rose as much as 2.3 percent and closed up 2.1 percent at 0.72 euro in Vilnius, valuing the company at 128 million euros ($173 million). Volume of 27,758 shares was four times the three-month daily average, data compiled by Bloomberg show.
Amber Grid completed the 165-kilometer (103-mile) gas link across western Lithuania, linking Jurbarkas to the Baltic Sea port of Klaipeda, about two months ahead of plan, the company said in a statement today. The new pipeline will ease gas distribution in the region and will handle imported supplies from the floating liquefied natural gas terminal the government plans to open in Klaipeda from late 2014, it said.
“This infrastructure boosts the security and capacity of our gas distribution system,” Prime Minister Algirdas Butkevicius said in an e-mailed statement. The completion of the 200 million-litai ($78 million) project shows Amber Grid, which was spun off from gas utility Lietuvos Dujos AB this year, is functioning well, he said.
Amber Grid said European Union structural funds paid 77 million litai of the cost of the new pipeline, work on which Lietuvos Dujos began in 2007.
Lithuania holds 18 percent of Amber Grid, Germany’s EON AG owns 39 percent and Russia’s OAO Gazprom has 37 percent, according to the company’s statement.