India’s biggest asset sale program is drawing interest from global investors despite the volatility in the oil markets and devastating fallout of the coronavirus pandemic.
As many as 81 queries were sent by prospective bidders vying for state-owned oil refiner-cum-fuel retailer Bharat Petroleum Corp., according to officials with knowledge of the matter.
While the questions from multiple international oil majors is a reflection of interest, it doesn’t mean they will translate into bids, they said, without disclosing how many companies have sought clarifications.
A government official had previously said that several top oil producers from the Middle East and Russia’s Rosneft PJSC have shown interest in buying BPCL, which is India’s third-biggest refiner and second-largest fuel retailer.
The Indian government is in the process of clarifying these queries through a corrigendum to the offer document, and will go ahead with the privatization.