OREANDA-NEWS. April 26, 2016. National Commission for Energy Control and Prices (hereinafter – the Commission) in view of the fact that within the statutory 12-month period third parties had failed to comply with the AB Amber Grid's certification condition imposed by the Commission regarding the transfer of shares of UAB Litgas held by AB Klaipedos Nafta to an economic entity that is neither directly or indirectly controlled by the Ministry of Energy of the Republic of Lithuania, issued a statement that AB Amber Grid has been found failing to comply with the Transmission System Operator's operational independence and unbundling of activities criteria as enshrined in the Law on Natural Gas,
  • obligated AB Amber Grid, within 2 months of the decision's entry into force, to take any necessary steps regarding the transfer of the shares of UAB Litgas held by AB Klaipedos Nafta to an economic entity that is neither directly nor indirectly controlled by the Ministry of Energy of the Republic of Lithuania, and within 10 working days to submit to the Commission a respective Share Transfer Action Plan;
  • recommended  to the Ministry of Energy of the Republic of Lithuania, to the Ministry of Finance of the Republic of Lithuania, to UAB EPSO-G, AB Klaipedos Nafta, and UAB Litgas to take any necessary steps regarding the transfer of the shares of UAB Litgas held by AB Klaipedos Nafta to an economic entity that is neither directly nor indirectly controlled by the Ministry of Energy of the Republic of Lithuania;
  •  warned AB Amber Grid that in case of the failure to fulfil the instruction within the time period as specified by the Commission, the Commission, acting in accordance with applicable provisions of the Law on Energy, may impose a fine of up to 10 percent of AB Amber Grid‘s annual income of last financial year from the regulated natural gas transmission activity.

The individual authorised by AB Amber Grid (the issuer) to provide additional information on the material event: