Saudi Aramco may bid for India’s Bharat Petroleum Corp

      Published on Wednesday, 16 October , 2019      250 Views     
Saudi Aramco may bid for India’s Bharat Petroleum Corp


Saudi Aramco may bid for India government’s stake in state-owned Indian oil refining and marketing company, Bharat Petroleum Corporation Ltd (BPCL), which is slated for privatisation soon.



“Saudi Aramco currently is evaluating its Indian investments, including its possible partnership with Reliance India Ltd, and views buying out BPCL as a good opportunity,” Indian business TV channel ET Now reported on Tuesday, quoting unnamed sources.

The Indian government is expected to soon invite bids for selling its 53.29 percent stake in BPCL to a strategic investor, as part of a major government stake disinvestment programme.

Saudi Aramco is expected to show its interest in BPCL to the latter’s transaction advisors when they host roadshows in the Middle East soon.

“Saudi Aramco is currently trying to balance its various planned investments in India. It’s very interested in the Indian market. It will take a call on how to balance BPCL deal and the Reliance partnership, if it decides to go through .. with them,” ET Now  said.

Oil sector analysts said the proposed privatisation of BPCL could offer a great opportunity for Saudi Aramco to get a bigger foothold in the Indian market, one of the world’s biggest oil retail markets.

“For any international oil company intending to have a presence in the Indian market, BPCL will be a good bet, Tsundru Muralidhar, a petroleum sector expert and independent consultant told Arabian Business

“If Saudi Aramco is able to successfully bid for the entire Indian government’s stake in BPCL, it will straight away provide it with sizeable hold in the vast Indian oil retail market,” Muralidhar added.

For Saudi Aramco, BPCL would be a third potential investment opportunity in India.

It has recently entered into an in-principle agreement with Mukesh Ambani-led Reliance group to acquire 20 percent stake in the refining and petrochemical business of Relinance Industries.

The Saudi energy major, along with Abu Dhabi National Oil Company (ADNOC) is also a 50 percent partner in Ratnagiri Refinery & Petrochemicals Ltd (RRPL).

Apart from BPCL, Container Corporation of India and Shipping Corp of India are the other two big state-owned companies in which the Indian government proposes to divest its stake.



India’s finance ministry expects to raise about $14.7 billion through the proposed government stake sales in the state-run companies.

Keywords:
Category Business | 2019/10/16 latest update at 7:47 AM
Source : Arabian Business | Photocredit : Google
251 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi king hosts CIA chief Gina Haspel for talks King

Saudi king hosts CIA chief Gina Haspel for talks

Saudi Arabia’s King Salman hosted the Central Intelligence Agency’s director Thursday, state media said, after three people were…

Saudi Arabia, Palestinians Agree on Joint Business Council Events

Saudi Arabia, Palestinians Agree on Joint Business Council

Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council,…

Pakistani Prime Minister Imran Khan in Riyadh after Tehran visit Government

Pakistani Prime Minister Imran Khan in Riyadh after Tehran visit

Pakistani Prime Minister Imran Khan met Saudi Arabia’s King Salman on Tuesday, Saudi state media reported, two days…

What did Putin gift King Salman and Sheikh Mohamed Bin Zayed? King

What did Putin gift King Salman and Sheikh Mohamed Bin Zayed?

On his visit to Saudi Arabia and UAE this week, the Russian President brought along a rare and expensive gift…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2506 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government