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LUKoil To Buy Repsol Under State Support

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 announced yesterday

LUKoil is seeking to buy around 30% in Repsol YPF, Spain's largest private oil and gas company, in a deal worth some $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.

Author: Ksenia Kochneva