Are you sure?

Spain, Russia to sign energy cooperation agreement today

Spain and Russia are set to sign a broad agreement for energy cooperation, Spanish Prime Minister Jose Luis Rodriguez Zapatero said on Monday.

“Tomorrow our states will sign a broad agreement on energy cooperation ... in developing, exploiting, transporting and selling energy resources, both renewables and traditional,” Zapatero said.

Zapatero was speaking to journalists alongside Russian President Dmitry Medvedev on the first day of the leader’s state visit to Spain. Both Medvedev and Russian Prime Minister Vladimir Putin have openly said they wish to promote Russian companies’ business interests abroad.

A source from the energy sector said Spanish oil giant Repsol YPF would be part of the “memorandum of understanding” that will be signed between the two countries on Tuesday.

Repsol owns 10% of West Siberian Resources and has also been eyed by Russian oil major LUKoil, which was reported to be interested in Spanish builder Sacyr’s 20% stake in the Spanish oil major. On Sunday, Medvedev spoke in positive terms to Spanish media about LUKoil’s proposal to buy a stake in Repsol. (Reuters)