India allows interested parties to submit expressions of interest for a controlling stake in BPCL via email. The Department of Investment and Public Asset Management said the email must include the requisite documents in PDF format. India has repeatedly extended the deadline to submit bids for a 53% stake in BPCL as the coronavirus pandemic prevented bidders from flying to India and inspect the assets directly. The current deadline to submit bids is November 16.
The divestment of BPCL was first announced in March under a broader privatization program to open up the economy. However, the prolonged lockdowns prevented bidders from coming to India, with international flights blocked until November 30. India recorded the world’s second-highest number of COVID-19 infections at more than 8.5 million cases.
In the past, the government mentioned Saudi Aramco and Rosneft, among others as interested parties in the sale. However, many oil and gas companies have slashed spending due to the pandemic, which also hurt their financials. BPCL operates 24% of India’s retail fuel stations and runs a refining capacity of around 710,000 bpd.
