The government is keen on BPCL offloading its stakes in various gas and refinery joint ventures prior to its sale — ensuring the prospective buyer of the PSU is not burdened with different business interests.
BPCL has stakes in Petronet LNG, Indraprastha Gas and Bharat Oman Refineries as well as in oil and gas blocks in the country and abroad, including in Mozambique. The African asset has a total recoverable reserve of 60 trillion cubic feet, and gas sales are expected to commence in two years.
Oil ministry officials said the strategy would be finalised after assessing different options, which would bring maximum value to the government stake in BPCL. A government-appointed assessor has been given 50 days to prepare its report.
