Wednesday December 10, 06:07 PM
Russia to support Lukoil bid for Repsol: minister
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MOSCOW (AFP) - Russia's government is ready to give political support to Lukoil's bid for a stake in Spanish-Argentine oil firm Repsol (Madrid: REP.MC - news) , Russian Energy Minister Sergei Shmatko said on Wednesday.
"No doubt, if Lukoil needs it, we will give it appropriate political support," Shmatko told reporters during a visit to Moscow by Argentinian President Cristina Kirchner.
Spanish media have reported Lukoil is now seeking 20 percent of Repsol, having scaled back its ambition of acquiring a 30-percent holding which had sparked unease in Spain.
However a Russian newspaper, Kommersant, reported on Wednesday that the deal had hit "several serious problems" as a result of the current economic crisis, quoting a senior Russian energy official.
The comments came as Argentina's leader met President Dmitry Medvedev in the Kremlin (Frankfurt: 513350 - news) .
A tie-up with Repsol is seen as boosting Russia's presence in South America, where several Russian companies have been pursuing energy projects.
Experts believe Russia's ability to commit major investment to projects in South America has weakened as a result of the current crisis, which has cut sources of foreign credit to Russia.
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