UPDATE 1-Spain's PM to consider Lukoil's independent status

(Updates with quotes from Spanish PM)

MADRID, Nov 20 (Reuters) - Spain will respect Russian oil producer Lukoil's (LKOH.MM) status as a publically listed company if it decides to bid for a stake in Spanish oil major Repsol (REP.MC), Prime Minister Jose Luis Rodriguez Zapatero said on Thursday.

"The government has to monitor the situation but we are talking about private companies, Lukoil's major shareholder is a U.S. company," Zapatero said at a press conference in Madrid.

U.S. oil major ConocoPhillips (COP.N) holds a 20 percent stake in Russia's No.2 oil producer.

The Prime Minister said that although the government feels it would be good for Repsol to remain a Spanish company, it understands it should be respectful of the interests of companies who wish to incorporate new shareholders.

(Reporting by Andrew Hay and Jonathan Gleave; Editing by Erica Billingham)