18 Mar 2022 09:56

Enel considers options for assets in Russia, might make decision within months

MOSCOW. March 18 (Interfax) - Enel is considering all possible options for its assets in Russia that currently available to it amid the restrictions of sanctions, the Italian energy company's CEO, Francesco Starace said in a conference call with investors.

The company would like to come to some sort of decision in the next few months, he said, adding that Enel does not currently plan to expand its business in Russia.

Enel owns 56.43% of PJSC Enel Russia , which has three gas-fired power plants - Konakovskaya GRES, Nevinnomysskaya GRES and Sredneuralskaya GRES - and a wind farm in Rostov Region.

A wind farm being built in Murmansk Region will be 85% ready in July 2022 and completed in October. Another wind farm project, in Stavropol Territory, has been cancelled, Enel Russia said on March 16.

The company has also decided not to pay dividends for 2021.

The Russian government on March 7 approved a list of countries and territories that have carried out "unfriendly" actions against Russia, Russian companies and citizens. Nonresidents from such "unfriendly" countries, which include Italy as a member of the European Union, must get permission from a government commission for transactions in Russia, including transactions that result in the acquisition of ownership rights to securities and real estate.

Transactions with securities can be carried out on the exchange based on permits issued by the Central Bank with the approval of the Finance Ministry that set out the terms for conducting them.