Enel closes sale of stake Enel Russia to Lukoil, fund

MOSCOW, Oct 12 (PRIME) -- Italy’s Enel has closed the sale of its 56.43% stake in power producer Enel Russia to oil major Lukoil and investment fund Gazprombank-Frezia for a total of 137 million euros, the company said in a statement on Wednesday.

Enel sold all of its Russian power generation assets, and Lukoil acquired the stake of 26.93% in Enel Russia, while Gazprombank-Frezia bought 29.5%.

Enel signed the deal to sell its stake in Enel Russia to Lukoil and Gazprombank-Frezia in June, but it was blocked on August 5 by President Vladimir Putin’s decree that prohibited deals with stakes of Western investors in all strategic firms in the fuel and energy, and financial sectors until the end of the year. Such a deal can go through only at a special presidential permit. Putin issued a permit for the deal at the end of September.

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