Essar Head to Talk With Pemex on Repsol Stake, Confidencial Says

Prashant Ruia, Essar Group’s chief executive officer, will meet with Petroleos Mexicanos CEO Juan Jose Suarez Coppel in Mexico today to inform him of Essar’s intention to buy the 10 percent of Spain’s Repsol YPF SA (REP) that Sacyr Vallehermoso wants to sell, El Confidencial reported.

An Essar Energy spokesman, who declined to be identified, said the report was incorrect as the company is focused on India.

Essar is one of five parties contacted by Sacyr, which owns 20 percent of Repsol, El Confidencial said, citing unidentified people with knowledge of the matter.

Essar must get approval to buy the stake from Pemex, which signed a shareholder agreement with Sacyr in August to syndicate their voting rights in Repsol, the newspaper added.

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net

To contact the editor responsible for this story: Ross Larsen at rlarsen2@bloomberg.net

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