Enel SpA is selling its stake in PJSC Enel Russia for 137 million euros, as CEO Francesco Starace said the company was seeking to reduce its exposure to the country following the Russian invasion of Ukraine.
The Italian energy company stressed that it has signed two separate agreements with the Russian Lukoil and the private fund Gazprombank-Frezia, for the sale of its 56.43% stake in Enel Russia, in an agreement that is expected to be completed within the third quarter, with which has virtually all of its energy production assets in Russia.
Starace stressed in March that Enel had decided that under the current circumstances we could no longer grow in Russia, and that the company was working on various scenarios for the future of the country’s existing assets.
While the sale of Enel Russia should have a positive effect on the almost 550 million euro consolidated net debt of Enel, the company stressed that it also predicts a blow of about 1.3 billion euros in net profit.
Source: Capital
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