Lukoil secures permission to buy UROC Limited's 7.4% stake in EL5-Energo

MOSCOW. Dec 4 (Interfax) - Lukoil has secured permission to acquire UROC Limited's 2.6 billion shares in power company EL5-Energo , a Russian presidential order published Friday evening stated.

EL5-Energo's equity is split into 35.37 billion common shares and company data as of April 2023 showed that UROC Limited owns 7.4%. Lukoil therefore received permission to buy UROC's whole stake, which would increase the oil company's stake in EL5-Energo to 63.84% from 56.44%.

Cyprus-based UROC acquired a stake in EL5-Energo, known as Enel Russia at the time, in 2021. At the time, the power company could not comment on who the new shareholder was, but a stock market source told Interfax that UROC might be affiliated with Middle Eastern investment fund AGC Equity Partners.

Lukoil became a shareholder of Enel Russia in October 2022, when Italian energy group Enel sold its 56.43% stake in the power company, with Lukoil acquiring 26.9% and AAA Capital Management acquiring the other 29.5%. In January 2023, Lukoil increased its direct stake in the power company to 56.43% and AAA Capital Management ceased to be a shareholder. Lukoil now owns 56.44% of EL5-Energo.