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Repsol Seeks Russian Oil Projects With Alliance, Lukoil

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Feb. 25 (Bloomberg) -- Repsol YPF SA, Spain’s biggest oil company, is in talks with Alliance Oil Co. and other Russian companies as it seeks projects in the world’s biggest oil producing country, said Chief Executive Officer Antonio Brufau.

“We’d like to do more things together with Alliance, or with Lukoil, or other companies,” Brufau said today in an interview in St. Petersburg. “Russia is a country that we have to be in.”

Repsol is the second-largest shareholder in Alliance, a Swedish-listed explorer and refiner operating in Russia, and is comfortable with a stake of about 3 percent, he said.

Repsol and Alliance are “trying to work together on improving the performance of the fields, trying to go for new exploration blocks or studying the way to cooperate in a deeper manner inside the company,” Brufau said.

Brufau said “he doesn’t think” any Russian company is interested in buying into Repsol.

Lukoil, Russia’s largest non-state oil producer, isn’t interested in Repsol, CEO Vagit Alekperov said today. In June 2009, Alekperov said the Moscow-based company was considering acquiring shares, RIA Novosti reported.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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