It almost ended in tears – and still could. Time is running out for Sacyr Vallehermoso, the Spanish construction company that holds the key to Lukoil’s chances of entering the local energy market. Sacyr is labouring under €19.7bn of debts – almost nine times its current market capitalisation – and had been trying to offload a 20 per cent stake in energy group Repsol to the Russians. Cue lights and fanfare: Citi Infrastructure Partners has offered €7.9bn for Itínere Infraestructuras, Sacyr’s listed motorway subsidiary, helping shrink the parent’s debt pile to €12.5bn. Once again, Sacyr has got a reprieve from its bankers.

But not for long. In recent years the group’s debt-financed bull market meanderings away from its core construction business have verged on the quixotic. It tilted with almost catastrophic effect at its French counterpart Eiffage; paid €6.2bn for the Repsol stake, funded by €5.2bn of debt; then found Spain’s economic slowdown and collapsing property sector crashing down around its head. As equity markets plummeted, so did the value of collateral posted against its borrowings. Sacyr is now running out of assets to pledge.