Oil majors Rosneft, Saudi Aramco unlikely to bid for BPCL privatisation

Oil majors Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum NSE -5.17 % Corp, 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.