Former TotalEnergies plant passes to closed-end investment fund

03 Jul, 2026

Former TotalEnergies plant passes to closed-end investment fund

A closed-end investment fund (ZPIF) managed by Ekto Prime has become the new owner of a lubricants plant built by France's TotalEnergies, the newspaper Kommersant has reported.

According to the Unified State Register of Legal Entities, the Fifth Family Fund ZPIF, managed by Ekto Prime, is now the owner of Top Lubricants, a lubricants maker in the Kaluga region.

Kommersant reported that the fund and its manager may be linked to Lukoil oil and gas producer.

The plant was built in 2018 by TotalEnergies, which invested $55 million in the project. It makes products under the Lemarc brand. Production stopped in 2022 because of sanctions and resumed in mid-2023. Ownership passed that year to TTL, a joint-stock company, which has now been transferred to the ZPIF.

Lawyers consulted by Kommersant said the use of a closed-end fund structure in the deal might reflect a wish by the buyer not to be publicly associated with acquiring assets left behind by departing foreign companies. They added that the plant's original owners could in principle also have imposed restrictions barring resale of the asset to sanctioned entities.

Former TotalEnergies plant passes to closed-end investment fund

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