A decree of the President of the Russian Federation was published on Friday evening according to which PJSC Lukoil receives the right to purchase 2.6 billion shares of PJSC EL5-Energo from the Cypriot UROC Limited. Thanks to the purchase, the oil giant’s stake in EL5-Energo could increase to 63.84%.
Given that of the 35.37 billion ordinary shares of EL5-Energo 7.4% belongs to UROC Limited, it turns out that Lukoil is buying the entire stake of the Cypriot company in the energy company, the former Enel Russia, Interfax stands out.
At the same time, the share of Lukoil, which became the owner of EL5-Energo shares in October 2022, grows from 56.44% to 63.84%.
UROC Limited was registered in Cyprus in 2021 and Interfax experts partnered it with the Middle East investment fund AGC Equity Partners. The company became a shareholder of EL5-Energo almost immediately after registration.
Lukoil received the first shares of EL5-Energo after the sale of its stake (26.9%) in the Italian company Enel. Then, in January 2023, the oil giant bought out AAA Capital Management’s stake (29.5%) after the company withdrew as a shareholder, thus increasing its equity stake to 56.43%.
Author:
Ekaterina Alipova
Source: RB
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