Spanish savings bank La Caixa may sell its 14% stake in struggling Spanish-Argentine energy firm Repsol to Russian firm Lukoil, it said.
The sale is tied to the acquisition by Lukoil of a 20% stake held in Repsol by construction group Sacyr Vallehermoso.
If Lukoil strikes deals with La Caixa and Sacyr Vallehermoso, it would become Repsol's largest shareholder.
Spain's industry minister Miguel Sebastien has said Repsol should remain "Spanish and independent".
He said the government should do "everything possible" to achieve this.
Spain's Prime Minister Jose Rodriguez Zapatero said it respected Repsol's right to bring partners in the firm, stressing that Lukoil was a private company with more than one shareholder.
US oil firm Conoco Philips holds a 20% stake in Lukoil.
Controversy
Builder Sacyr Vallehermoso, struggling with large debts and a falling property market, said in September it was ready to sell its 20% stake in Repsol.
Spanish media has speculated that Lukoil wants, at most, a stake of 29.9% in Repsol as, under Spanish law, a shareholder must launch an offer for the whole company if it passes the 30% threshold.
Repsol, which operates in 30 countries in Latin America, the Middle East, and North Africa, has been facing increasing competition lately. It saw a 5.8% drop in third-quarter profits.
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