Many were surprised by the universally hostile reaction in Spain to the on-again-off-again interest from Gazprom in acquiring a 30% stake in Repsol – one of the biggest private energy companies remaining in Europe. In fact, it seemed as though the Russian state firm quickly backed off after testing these waters. However, no sooner had Gazprom begun to deny their interest in the stake, that the nominally “private” oil firm Lukoil approached the troubled and desperate construction giant Sacyr-Vallehermoso. It appears that the acquisition is now confirmed.
“Nobody in Europe has sold its energy supply and put it in the hands of a Russian company,” Mariano Rajoy told a political meeting.
He said such a sale would be “immoral and unjust” and he would do “everything possible to prevent it happening.”
He was backed by Socialist former prime minister Felipe Gonzalez, who also opposed any deal.
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Lukoil’s Trust Deficit in Spain
The rumored deal of Lukoil taking over an $8.3 billion stake in the Spanish energy giant Repsol is causing quite a feverish political debate in the country, underscored by deep suspicion and paranoia that the private Russian company could be…