Prime Minister Narendra Modi is likely to visit Saudi Arabia by the end of October and CNBC-TV18 learns that energy giant Saudi Arab is likely to express its interest in the strategic sale of BPCL during the PM’s visit. The government is looking at a strategic partner for BPCL for 100 percent of its stake with management control. DIPAM has issued tender for the transaction, legal advisors and asset valuer by November 04.

Patrick Pouyanné, Chairman & CEO, TOTAL has said that “Being in the refinery is not the business strategy of TOTAL. TOTAL is only interested in fuel retailing business and not interested in BPCL strategic divestment”.

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Some interest was shown by BP for the BPCL strategic sale. “Its the most exciting biggest news from India but we will need to see what’s on offer,” said Bob Dudley, Group Chief Executive, BP.

Meanwhile, Cairn India refused to comment on the development but Ajay Dixit CEO, Cairn, Oil & Gas said, “We will evaluate pros & cons before taking any call on the BPCL strategic divestment.”

The government has a target of Rs 1.05 lakh crore for divestment for the financial year 2019-20 and it plans to monetise its investments in BPCL and open up the fuel retail business for private players to encourage competition.

First Published:Oct 15, 2019 6:44 PM IST