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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Russia LUKOIL says no Repsol talks, keen on OPEC cuts Reuters - 1 hour 22 minutes ago * LUKOIL delays launch of overseas projects * No deal to buy Spain's Repsol * OPEC expects Russia to cut output by up to 300,000 bpd By Vladimir Soldatkin MOSCOW, Dec 15 - Russia's LUKOIL <LKOH.MM> has no deal for now to buy a stake in Spain's Repsol <REP.MC> as it delays overseas projects and steps up pressure on Moscow to join OPEC's oil output cuts, LUKOIL head Vagit Alekperov said. "We currently have no agreements on Repsol," Alekperov told reporters on Monday. LUKOIL is Russia's second-largest oil firm and the country's most active abroad with projects from the Caspian Sea to South America. Alekperov's comments are the first by the company on Repsol. They come one month after speculation that LUKOIL was seeking to buy up to 30 percent in the Spanish energy company. Minority investors in the private Russian firm were angered at the potential purchase of a stake in Repsol for up to 10.7 billion euros and said they would rather see the firm investing in its own stock or production at home. "We have put off large international projects," Alekperov told a roundtable discussion, without giving details. He added that investments next year and in 2010 would be reduced, but did not elaborate on which areas would be affected by the cuts. He said LUKOIL hoped to stick to its plan to develop projects in the Russian regions of West Siberia and Arctic Yamal. Shares in LUKOIL rose 7.7 percent to 1,069.60 roubles at 1119 GMT, an off earlier high of 1,078 roubles. OPEC CUTS Alekperov said he believed OPEC was expecting Russia to offer output cuts of 200,000 barrels per day to 300,000 bpd and said his firm would contribute if the Kremlin agreed. "In OPEC they say that Russia could cut by 200,000-300,000 bpd. It is up to the government to decide. If a decision to cut is taken, we will follow it," he said. When asked over which time period the cut would last he said: "The overall production in 2009." Late last week Russian President Dmitry Medvedev said Russia would do anything, from cutting oil production to joining OPEC, to defend its national interest and push up energy prices. Rising energy prices in the last eight years have fuelled Russia's economic boom but the oil price has fallen $100 from a record high of more than $147 in July. This has encouraged Russia, the world's second largest supplier after Saudi Arabia, to work with producer group OPEC. LUKOIL, in which U.S. major ConocoPhillips <COP.N> has a 20 percent stake, is one of the most active Russian investors in foreign energy assets. It entered Venezuela in 2005 by signing an initial agreement on geological exploration at the Junin-3 deposit. It has repeatedly said it seeks more projects in the South American country. LUKOIL also holds 70 percent of the Condor oil deposit in Colombia and has said it has placed its hopes in the field, with reserves estimated at 35 million barrels, becoming the country's largest oil field. The company also has stakes in projects in Kazakhstan, Azerbaijan, Uzbekistan, Egypt, Iran and Saudi Arabia. The firm has said it also views Africa as one of its potential growth regions and had planned to expand exploration in Ghana and Ivory Coast over the next few years. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike OPEC set to cut oil output as demand dropsAFP - 36 minutes ago Oil up sharply near $49 as OPEC readies output cutAP - 1 hour 13 minutes ago Russia LUKOIL says no Repsol talks, keen on OPEC cutsReuters - 1 hour 22 minutes ago GLOBAL MARKETS-World equities rise, oil wobbles ahead of OPECReuters - Tuesday, December 16 Related Articles: Business Indian bond yields ease again on rate cut hopesReuters - 27 minutes ago Dutch DSM issues profit warning, cuts staffAP - 30 minutes ago Russia c.bank cuts credit limits for 34 banksReuters - 35 minutes ago FTSE 100 up 34.23 at 4,314.58AP - 36 minutes ago India's SBI to sell 15-yr bonds at 8.9 pct-sourcesReuters - 39 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Queen Elizabeth II reins in extravagance as credit crunch grips White House: no action on auto bailout while Bush in Iraq Russia crowned Miss World 2008 in African event Fortis bank, saved from collapse, again on shaky ground View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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