The privatisation of BPCL is expected to benefit from the growing forebodings among oil multinationals about investment in China in the wake of its failings to disclose the coronavirus pandemic.
Besides, the fuel market in the country — India is the world’s third largest consumer — is a big attraction that should ensure aggressive bidding for the refiner, analysts said.
According to official sources, Saudi Aramco, Abu Dhabi National Oil Co (Adnoc), Rosneft of Russia, Exxon Mobil and RIL are likely to battle for the government’s 52.98 per cent stake in the PSU.
The oil industry analysts said the multinationals are sceptical of entering China given the fact the US and other countries are coming together to counter Beijing’s growing threat to global trade, security and human rights, particularly after the pandemic.
