• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 7 days What fool thought this was a good idea...
  • 10 days They pay YOU to TAKE Natural Gas
  • 10 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 5 days A question...
  • 16 days The United States produced more crude oil than any nation, at any time.
Jeff Currie: Copper Is The Best Trade Of My Career

Jeff Currie: Copper Is The Best Trade Of My Career

Jeff Currie, Chief Strategy Officer…

Tehran's Nuclear Threats Raise Global Concerns

Tehran's Nuclear Threats Raise Global Concerns

Iranian officials are increasingly suggesting…

India Considers Selling Bharat Petroleum Stake To Oil Major

India weighs selling the state’s majority stake in Bharat Petroleum Corporation (BPCL), the country’s second-largest state-owned refiner, to an international oil company, Bloomberg reported on Friday, quoting people with knowledge of deliberations.

As India is currently assessing ways to give up direct majority control in BPCL, it is willing to attract international oil companies to its refining and fuel retail market that is dominated by local companies, Bloomberg’s sources said.  

India’s government plans to sell its entire more than 50-percent stake in BPCL, Indian outlet Business Standard reported earlier this month.

According to Business Standard, however, the most likely buyer would be state-controlled Indian Oil Corporation.

A possible merger between BPCL and IOCL would be the third major deal of combining state-held enterprises over the past three years, excluding mergers in the banking sector, Business Standard says.

If the deal succeeds, a BPCL and IOCL merger would follow the merger between the Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) in 2017-2018 and the REC-Power Finance Corporation (PFC) deal in 2018-2019.  

In its second term in office now, the Indian government of Prime Minister Narendra Modi is looking to book proceeds from divestments of stakes in state-held firms in order to curb budget deficit.

India’s government is considering relinquishing direct control over some of the biggest energy firms, although the indirect state participation will remain at above 51 percent, Atanu Chakraborty, who is responsible for the asset sale department at the government, told Bloomberg in July. The likely candidates for the government cutting its direct stake to below 51 percent could be Oil and Natural Gas Corp, Indian Oil Corp, NTPC Ltd, and GAIL India Ltd, Chakraborty told Bloomberg.

ADVERTISEMENT

India’s Oil Minister Dharmendra Pradhan, for his part, said in early July that there wasn’t any proposal for a merger of state-owned oil and gas firms currently under review at the ministry.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • jone al sharon biriyani indian on September 15 2019 said:
    BPCL Ltd may be sold to NostrumLakamr Petroleum corporation Ltd. this company is based in Barbados owned by a British ( yorkshire) based Kenyan family by the name of MR Viralmodiathur Blake . they do refining and exploring in Sub sahar africa, Tunisia, and some iterest in iran assets.

    Cheers, bye

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News