Bharat Petroleum exercises RoFR to buy Videocon Oil’s Brazil assets
Government-owned Bharat Petroleum Corporation (BPCL) has exercised the Right of First Refusal (RoFR) in a bid to take control of bankrupt Videocon Oil Ventures’ (VOVL’s) Brazilian assets.
BPCL’s overseas arm BPRL Ventures BV and VOVL’s Videocon Energy Brazil had acquired oil blocks in the South American nation as joint venture partners but they could not develop them due to ongoing bankruptcy proceedings against Videocon Industries and its subsidiaries.
A source close to the development said lenders have received BPCL’s offer after they decided to sell three of the JV’s assets to Brazilian gas operators Eneva S A and PetroRio last month.
