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Wednesday, December 10, 2008

Russian government to back LUKoil's purchase of Spain's Repsol

MOSCOW, December 10 (RIA Novosti) - The Russian government is ready to provide political support for independent crude producer LUKoil to buy a stake in Spanish oil firm Repsol, Energy Minister Sergei Shmatko said on Wednesday. LUKoil is seeking to buy around 30% in Repsol YPF, Spain's largest private oil and gas company, in a deal worth some 5.09 billion euros ($6.36 billion), with 20% held by Spanish builder Sacyr Vallehermoso SA and 9.9% by La Caixa and Caixa Catalunya. "No doubt, if LUKoil has such a need [to buy the interest], we'll provide corresponding political support," Shmatko said. The minister said the transaction would be interesting from the viewpoint of LUKoil entering the European market.

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