Zapatero opens the door to Russian investment in Repsol YPF

Zapatero opens the door to Russian investment in Repsol YPF
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By h.b. - Nov 20, 2008 - 8:47 PM

The Lukoil logo - Photo EFE

Lukoil, the second largest petrol company in Russia wants to take a 30% stake in Repsol YPF.

Despite the comments made earlier by his Industry Minister, Miguel Sebastián, the Spanish Prime Minister, José Luis Rodríguez Zaptero, on Thursday left the door open for Russian investment in the Spanish petrol giant Repsol YPF.

Zapatero said it was good that Repsol was Spanish, but noted that Lukoil was a private company which had as its largest shareholder 20% from a United States company, Conoco Philips.
Lukoil has expressed its wish to take a 30% share in Repsol, including the 20% currently up for sale from the construction company Sacyr Vallehermoso.

La Caixa savings bank has also confirmed that it is in talks with Lukoil to sell its 9% shareholding in Repsol.

Zapatero said the cabinet would be ‘watching to see that things were done well and favourably for the strategic interests of Spain’.

The opposition Partido Popular has said the sale should not happen and have criticised what they see as the ‘passivity’ of the Government.

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