By Nidhi Verma, Aftab Ahmed and Vladimir Soldatkin
NEW DELHI/MOSCOW, Sept 29 (Reuters) – Oil majors Rosneft ROSN.MM and Saudi Aramco 2222.SE are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum Corp BPCL.NS, sources familiar with the matter said, as low oil prices and weak fuel demand curb investment plans.
Russia’s Rosneft had expressed interest in buying the federal government’s 53.29% stake in Bharat Petroleum (BPCL) when CEO Igor Sechin visited New Delhi in February, while India’s trade minister has said that Aramco was enthusiastic about the stake sale.
A Rosneft source, however, said his company will not buy BPCL. Another source said Rosneft would only be interested in BPCL’s marketing business comprising fuel depots and more than 16,800 fuel stations.
“For this, India has to sell BPCL in parts,” the source said.
The Indian government – looking to finance welfare schemes and bridge a