Lukoil increases stake in EL5-Energo to 63.84%

MOSCOW. Jan 26 (Interfax) - PJSC Lukoil has increased its stake in PJSC EL5-Energo to 63.84%, the regional power grid distribution company posted on its website.

Lukoil previously owned 56.44% of the shares in EL5-Energo.

Lukoil received permission to buy out the 7.4% stake in EL5-Energo owned by UROC Limited in December 2023. In mid-January, EL5-Energo announced a reduction in UROC Limited's share to 0%.

UROC Limited, registered in Cyprus, acquired a stake in EL5-Energo (called Enel Russia at that time) in 2021. The energy company was then unable to comment on who the new shareholder was. However, Interfax's source on the stock market suggested that UROC Limited might be associated with the Middle Eastern investment fund AGC Equity Partners, which was previously part of a consortium with RDIF and the Australian Macquarie fund.

Lukoil became a shareholder in Enel Russia in October 2022, receiving 26.9% as a result of Italian Enel selling its share, while another 29.5% went to AAA Capital Management.

In January 2023, Lukoil increased its direct stake in the company to 56.43% (AAA Capital Management withdrew as a shareholder). Later the oil company's share increased to 56.44%.