Putin allowed Lukoil to buy shares in EL5-Energo from Uroc

Oil company “Lukoil» will be able to acquire 2.618 billion ordinary shares of the energy generating enterprise EL5-Energo, which belong to Uroc Ltd. Relevant order signed Russian President Vladimir Putin.

Obtaining other permits, decisions and consents provided for by the legislation of the Russian Federation is no longer required to complete the transaction, the document reports.

PJSC EL5-energo is a Russian energy generating company that provides electricity and heat supplies to industrial enterprises and household consumers. Previously, it belonged to the Italian group Enel and was called Enel Russia. Enel managed to exit Russian assets in the fall of 2022. The Italians’ share in Enel Russia was sold to Lukoil and Gazprombank structures.

“Lukoil» in December 2022, consolidated 56.43% of the shares of EL5-energo after the departure of the foreign owner from Russia. The company owns Sredneuralskaya GRES, Nevinnomysskaya GRES, Konakovskaya GRES, as well as Azovskaya and Koltskaya wind farms.

According to the published company report, EL5-energo for the nine months of 2023. received RUB 2.4 billion net profit according to Russian accounting standards against a net loss of 2.76 billion rubles. a year earlier. Revenue increased by 11.1% and amounted to RUB 38.84 billion.