Vladimir Putin Allowed Oilfield Services Company Eriell to Leave Russia
The buyer of the Russian business of the Uzbek Eriell will be MetallStroyService. Its leaders previously worked in one of the sold “daughters” of Eriell – “Energy of Oil and Gas Service”.
President Vladimir Putin allowed the international oilfield services company Eriell to sell its Russian subsidiaries to MetallSeverStroy, a corresponding decree posted on the legal information portal.
We are talking about the sale of 100% in Eriell Management and 99.99% in Energy Oil and Gas Service (ENGS, both owned by Eriell Holding Company Limited), as well as 0.01% in ENGS, which is owned by Eriell GmbH. The decree says that no other permits are required for the transaction.
According to RBC Company, MetallSeverStroy (the main activity is the processing of waste and ferrous scrap) is run by businessman Alexei Lukeev (his share is 99.99%, the remaining 0.01% belongs to Vladimir Lukeev). According to Kommersant, he was a minority shareholder and head of ENGS in the first months after the founding of the company, and Vladimir Lukeev was deputy general director.
Eriell is engaged in the construction and workover of wells. It operates in the Middle East, South and Central Asia. Among the partners are the Chinese CNPC, Uzbekneftegaz, the Russian Sintez group, and others. The company was founded in 2004 in Uzbekistan. The Russian “daughter” of ENGS was registered in 2008, “Ariell Management” – in 2017.
Putin also approved other deals to pull foreign energy companies out of the Russian market. For example, in February he allowed a subsidiary of Gazprom Neft to buy half of Shell’s shares in the Salym Petroleum Development joint venture and the Khanty-Mansi Oil and Gas Union.
