Latvijas Gāze
Latvian natural-gas import, trading, and supply company.
Last updated August 26, 2026
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Overview
Latvijas Gāze is a Latvian energy company focused on importing, trading, and supplying natural gas. Its business developed from the gas infrastructure serving Riga and other Latvian cities, but the modern company was formed after Latvia restored independence and consolidated the country's gas-supply infrastructure under state ownership in 1991. It was registered as a state enterprise on 25 March 1991, converted into a state joint-stock company in 1994, and entered the privatization process in 1996. Between 1997 and 2002, the company was privatized, bringing in E.ON Ruhrgas International AG, Gazprom, and Itera Latvija as major shareholders. Latvia's gas sector has much older roots. A coal-gas plant began operating in Riga in 1862 to provide street lighting, followed by a second Riga plant in 1875 and a gas plant in Liepāja in 1882. Liquefied petroleum gas became part of Latvia's postwar gas system in 1949. Natural gas arrived in Riga through a pipeline from Dashava in Ukraine in 1962, while the Inčukalns underground gas-storage facility began operating in 1968. Pipeline construction expanded during the 1970s and 1980s, linking Latvia with wider Soviet gas-producing and transmission networks. In 1987, the State Gasification Committee was reorganized into the production association Latvijas Gāze, an institutional predecessor of the present company. For much of its modern history, Latvijas Gāze combined gas importation, wholesale and retail supply, transmission, storage, and distribution-related activities. European energy-market reforms required those functions to be separated. Latvia's parliament adopted amendments to the Energy Law in February 2016 that advanced customer choice of gas supplier and completed the framework for market liberalization. In September 2016, shareholders approved the company's reorganization, and transmission and storage assets were transferred to Conexus Baltic Grid, which began operating as a separate company. Latvijas Gāze subsequently established Gaso in November 2017 and transferred the gas-distribution-system-operator function to that subsidiary. The ownership structure also changed substantially. E.ON announced its intention to leave the Latvian market in 2014. Its stake was transferred in stages: a 28.97% holding was sold to the Marguerite investment fund in January 2016, and that holding later moved to Energy Investments SIA. Gazprom's shareholding was sold in 2024 to Energy Investments and Haupas. Energy Investments also acquired Uniper's remaining 18.26% stake in 2025, raising its reported holding to 41.11%. The company was removed from Nasdaq Riga in August 2024. Latvijas Gāze remains associated with the Latvian natural-gas market, although its former integrated infrastructure role has been narrowed by legal unbundling and the creation of independent transmission, storage, and distribution entities. Its public profile has also included support for Latvian cultural, sporting, and scientific institutions, including the Latvian Olympic Committee, the Latvian national men's basketball team, the Latvian National Opera, and an annual science-related award established in 2003.
History
The roots of Latvia's gas industry extend to nineteenth-century urban lighting. Riga opened a coal-gas plant in 1862, followed by another in 1875, while Liepāja opened a gas plant in 1882. Initially, manufactured gas served street lighting and later entered commercial and household use. After the Second World War, liquefied petroleum gas became part of the Latvian supply system in 1949. Natural gas was introduced to Riga in 1962 after a pipeline from Dashava in Ukraine reached the city. The Inčukalns underground gas-storage facility began operating in 1968 and became a significant component of the regional gas system. During the 1970s, planning work envisaged additional pipelines and compressor stations. The Valdais–Pskov–Riga pipeline opened in 1972, bringing gas connected to production in Western Siberia, and a major pipeline linking Saurieši, Ogre, Jēkabpils, and Daugavpils was completed in 1986. A proposed underground storage facility at Dobele was not built. In 1987, the State Gasification Committee of the Latvian Soviet Socialist Republic was reorganized into the production association Latvijas Gāze. Following the restoration of Latvian independence, the state assumed control of the country's gas-supply infrastructure and consolidated it in the state company Latvijas Gāze. The company was registered on 25 March 1991, converted into a state joint-stock company on 31 January 1994, and placed on the list of enterprises intended for privatization in 1996. Privatization took place from 1997 to 2002, with E.ON Ruhrgas International, Gazprom, and Itera Latvija becoming major shareholders. The company's integrated structure was progressively dismantled in response to European and Latvian energy-market rules. E.ON announced its intention to leave Latvia in 2014. In 2016, Latvia adopted reforms providing customers with the right to select a gas supplier and requiring the separation of transmission, storage, distribution, and trading. Shareholders approved a reorganization in September 2016, and the transmission and storage assets were transferred to Conexus Baltic Grid in December of that year. Latvijas Gāze established Gaso in November 2017 and transferred distribution-system-operator duties to it. Ownership continued to change after the operational unbundling. A 28.97% stake formerly held by E.ON was acquired by the Marguerite Fund in January 2016 and later transferred to Energy Investments SIA. Gazprom sold its entire reported 27.85% stake in 2024 to Energy Investments and Haupas. Energy Investments acquired Uniper's reported 18.26% holding in 2025, reaching a reported 41.11% stake. Latvijas Gāze was delisted from Nasdaq Riga in August 2024. The company has also maintained a public-support role through sponsorship of Latvian sporting, cultural, and scientific initiatives.
- 2025
Energy Investments becomes larger shareholder
[1]Energy Investments acquired Uniper's reported 18.26% interest and was reported to hold 41.11% of the company.
- 2024
Nasdaq Riga delisting
[1]Latvijas Gāze was delisted from Nasdaq Riga in August.
- 2017
Gaso founded
[1]Latvijas Gāze established Gaso and transferred distribution-system-operator functions to the new subsidiary.
- 2016
Transmission and storage separated
[1]The company transferred transmission and storage assets to Conexus Baltic Grid as part of Latvia's energy-market unbundling.
- 1997
Privatization begins
[1]The privatization process began, eventually bringing E.ON Ruhrgas, Gazprom, and Itera Latvija into the shareholder structure.
- 1991
Modern Latvijas Gāze registered
[1]After Latvia restored independence, the state consolidated the national gas-supply infrastructure in Latvijas Gāze, registered on 25 March.
- 1987
Latvijas Gāze production association formed
[1]The State Gasification Committee was reorganized into the production association Latvijas Gāze.
- 1968
Inčukalns underground storage begins operation
[1]The Inčukalns underground gas-storage facility entered service as part of Latvia's expanding gas infrastructure.
- 1962
Natural gas reaches Riga
[1]A pipeline from Dashava in Ukraine brought natural gas to Riga for the first time.
- 1862
First Riga coal-gas plant begins operation
[1]A gas factory began producing manufactured gas for street lighting in Riga, establishing an early foundation for the Latvian gas industry.
Products and positioning
A Latvian natural-gas supplier and trading company whose historical integrated utility model was separated into distinct transmission, storage, distribution, and supply functions through market reform.
Energy commodity
Natural gas
Natural gas is the company's central commodity and the basis of its importation, trading, and supply activities. Latvijas Gāze historically served households, commercial users, and other customers through Latvia's integrated gas system. Following sector unbundling, the company is primarily associated with supply and trading rather than ownership of the country's transmission, storage, and distribution infrastructure.
Utility service
Natural-gas supply
Latvijas Gāze supplies natural gas to customers in the Latvian market. Its supply business operates within a liberalized market in which customers have the right to choose a supplier. The company's historical retail and wholesale role was separated from transmission, storage, and distribution-system operation as Latvia implemented European energy-market reforms.
Marketing campaigns
- 2004Latvian National Opera patronage
Latvia
Latvijas Gāze became a patron of the Latvian National Opera and supported opera festivals, music events, and international competitions.
- 2003Science lifetime-achievement award
Latvia
The company began funding an annual award recognizing lifetime achievement in science, with eligible fields including gas, heating technology, related chemistry, and cardiology.
- 1997Latvian Olympic Committee and national basketball sponsorship
Latvia
Latvijas Gāze became a supporter of the Latvian Olympic Committee and the general sponsor of Latvia's national men's basketball team, linking the company with national sporting institutions.
Brand decisions
2024
Delist from Nasdaq RigaOtherBackground
Changes in the shareholder structure preceded the removal of Latvijas Gāze shares from public trading.
Action taken
The company was delisted from Nasdaq Riga in August 2024.
Aftermath
Latvijas Gāze became a privately held, unlisted company.
2017
Establish Gaso as distribution-system operatorStrategyBackground
The continuing unbundling program required distribution-system operation to be separated from other gas activities.
Action taken
Latvijas Gāze founded Gaso and transferred distribution-system-operator functions to the subsidiary.
Aftermath
Distribution operations were placed in a separate corporate entity while Latvijas Gāze retained its supply and trading identity.
2016
Approve separation of transmission and storage activitiesStrategyBackground
Latvian legislation required the gas market to separate transmission and storage from distribution and trading while giving customers greater choice of supplier.
Action taken
Shareholders approved a reorganization and the relevant transmission and storage assets were transferred to Conexus Baltic Grid.
Aftermath
Latvijas Gāze no longer operated as the fully integrated owner of Latvia's gas infrastructure.
Sources1 sources
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