OIL & GAS

Govt hopeful BPCL strategic sale to sail through without further extensions

After four extensions, the government is hopeful that strategic sale of Bharat Petroleum Corporation Ltd. (BPCL) may go through without any further need to postpone the bidding deadlines.

The deadline for submitting the Expressions of Interest (EoI) for 52.98 per cent stake in the BPCL is ending on November 16. Prior to this, the bid start date was September 30, but it got postponed due to bidders’ request in wake of prevailing situation arising out of Covid-19 pandemic.

BPCL disinvestment has received interest from several large global oil and gas companies and a few Indian entities as well. In fact, the process so far has generated close to 100 enquiries in a clear signal that investors remain interested in the maharatna oil PSUs despite the disruptions caused by Covid-19 pandemic, official source privy to the development said.

According to them, Abu Dhabi National Oil Co (Adnoc), Exxon Mobil intend to participate in the bidding process for the PSU. Indian oil majors are not behind their global counterparts and are also actively pursuing the prospects of bidding for BPCL. Oil-to-telecom major Reliance Industries is understood to have shown interest for the bid.

Source
ET Energy World
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