On Air Now

Upcoming Shows

Program Schedule »

Tune in to Listen

650 AM Hibbing, Minnesota

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
34° Feels Like: 25°
Wind: SSE 13 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Wintry Mix/Wind 30°

Tomorrow

Ice to Rain/Wind 54°

Sun Night

Partly Cloudy 32°

Alerts

Mexico's Slim not looking at Repsol stake: spokesman

A woman stands beside the logo of Spanish oil company Repsol outside its headquarters in Madrid May 16, 2013. REUTERS/Sergio Perez
A woman stands beside the logo of Spanish oil company Repsol outside its headquarters in Madrid May 16, 2013. REUTERS/Sergio Perez

MEXICO CITY (Reuters) - Mexican billionaire Carlos Slim is not looking to purchase a 10 percent stake in Spanish oil company Repsol, a spokesman said on Tuesday, disputing a report in a Spanish newspaper.

Spain's ABC newspaper said that Mexico's state-run oil monopoly Pemex wants Slim to buy a stake in Repsol and join it in a new investor alliance in the major oil company.

Asked if Slim's companies were looking to buy a 10 percent stake in Repsol, Slim spokesman Arturo Elias Ayub said, "No."

A Pemex spokesman also denied any push to buy a larger stake in the Spanish company beyond the 9.4 percent that Pemex already owns.

"This information is false. Pemex has no interest in buying (more) shares of Repsol," the spokesman said, speaking on condition of anonymity in accordance with company policy.

The spokesman added that the Mexican oil giant needs to prioritize investments in exploration and production activities, and that the company has yet to make any decisions on its existing Repsol stake.

"We are in the middle of the energy reform discussion and many resources are needed for deep water investments," the spokesman said.

In August, President Enrique Pena Nieto proposed a sweeping energy overhaul, seeking to lure billions of dollars in foreign and private investment to boost the country's oil and gas sector.

Mexico's Congress is expected to vote on the overhaul before the end of the year.

(Reporting by Tomas Sarmiento, David Alire Garcia and Ana Isabel Martinez; Editing by Jan Paschal and Dan Grebler)

Comments