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Putin authorises Enel to sell Russian unit to Lukoil

Published 30/09/2022, 16:39
Updated 30/09/2022, 16:59
© Reuters. FILE PHOTO: A logo of Italian multinational energy company Enel is seen at the Milan's headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo/File Photo

(Reuters) - Russian President Vladimir Putin issued a decree on Friday authorising Italian utility Enel (BIT:ENEI) to sell a controlling stake in its Russian entity to Lukoil and the Gazprombank-Frezia investment fund.

The deal had been held up by Moscow's counter-sanctions that prohibits Russian firms from closing some deals with foreign companies without Putin's direct approval.

© Reuters. FILE PHOTO: A logo of Italian multinational energy company Enel is seen at the Milan's headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo/File Photo

"Enel learned about the approval of the sale of its stake in Enel Russia to PJSC Lukoil and Gazprom-Frezia fund and informs that it will proceed with the transaction in the coming days," a spokesman for the Italian group said.

The Italian utility announced in June it had reached a deal with Lukoil and Gazprombank-Frezia to sell its 56.43% stake in Enel Russia for around 137 million euros, to be paid at closing.

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