(LiveMint)
Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Co. are among companies that have had conversations with the government on asset sales and are likely to bid for the government’s stake in Bharat Petroleum Corp. Ltd, two people aware of the matter said.
“While a formal interest from the potential bidders is expected in due course, all the above names are part of the list that the government will reach out to,” said one of the two people cited above, both of whom spoke on the condition of anonymity.
The privatization of BPCL is expected to attract global energy majors given that India is the world’s fastest-growing major oil market. The proceeds from the sale will also be crucial for the government to contain its fiscal deficit amid lower-than-expected goods and services tax collections and a corporate tax cut that will cost the exchequer ₹1.45 trillion.
