Russia, Spain: LUKoil's Iberian Ambitions

LUKoil, Russia's largest privately-owned oil firm, is considering forming a partnership with Spanish energy company Repsol YPF. LUKoil President and CEO Vagit Alekperov said Dec. 17 that his company has not made a "concrete bid" for the Spanish firm yet, but is "examining all offers on the market." A LUKoil-Repsol partnership would give the Russian energy industry and the Kremlin more influence both on the Iberian Peninsula and in Latin America, where Repsol has many assets. However, Alekperov wants to see Moscow make a few changes before he moves forward on any business deal with the Spanish firm.