Putin allowed LUKOIL to purchase 2.6 million shares of EL5-Energo from Urok Ltd – Kommersant

Russian President Vladimir Putin signed order, which allows LUKOIL to purchase 2,618,132,410 ordinary shares (controlled by LUKOIL, previously owned by the Italian Enel) of EL5-Energo from Uroc Limited. The document was published on the official Internet portal of legal information.

According to (.pdf) to the charter of EL5-Energo, the company’s share capital is divided into 35.37 billion ordinary shares. It follows from this that LUKOIL received permission from the president to acquire 7.4% of the company’s capital. Thus, taking into account the latest reports from EL5-Energo, LUKOIL’s share in the company may increase from 56.44% to 63.84%.

Source “Interfax” reported that Uroc Limited, which bought a stake in the energy company in 2021, may be associated with the Middle Eastern investment fund AGC Equity Partners. LUKOIL and JSC AAA Capital Management (part of Gazprombank-Freesia) purchased shares in EL5-Energo from Enel in October 2022. In January 2023, LUKOIL increased its direct stake in the company to 56.43% (AAA Capital Management withdrew from the shareholders).

According to information on website “EL5-Energo”, currently the total installed capacity of the company for the production of electrical energy is 5941.9 MW, for the production of thermal energy – 1927 Gcal/h. The structure of the company’s generating assets is represented by gas and renewable generation. EL5-Energo is one of the leaders in the Russian market of renewable energy sources.

Erdni Kagaltynov