⁍ Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner cCorp, sources familiar with the matter said.

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⁍ Russia’s Rosneft expressed interest in buying the federal government 53.29% stake in Bharat Petroleum (BPCL)
The Indian government had aimed to raise $8 to $10 billion through the sale of its stake in BPCL.

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– The Indian government’s plan to sell a majority stake in Bharat Petroleum Corp., the country’s second-largest refiner, to fund its welfare programs has hit a wall: Rosneft and Saudi Aramco aren’t interested, sources tell Reuters. Russia’s Rosneft had expressed interest in buying the government’s 53.29% stake, but sources say Rosneft will only be interested in BPCL’s marketing business, including fuel depots and more than 16,800 fuel stations. “India has to sell BPCL in parts,” one source says. Both Rosneft and Saudi Aramco have halted their investment in India due to the crash in oil prices, sources say. “This is not the time to invest in refining,” one source says. ” demand would be there for oil to chemicals and not conventional products.” BPCL’s share price has plunged nearly 30% over the past year. India’s trade minister had said Aramco was enthusiastic about the stake sale opportunity. Sources say neither Rosneft nor Aramco see much value in refining as the government in the Indian state of Kerala, home to BPCL’s biggest refinery, might challenge the privatization in court and BPCL’s two other refineries are in cities, leaving little scope for revamp and expansion. India may have to look for other avenues to raise funds to meet its spending commitments, says an asset manager. “If big firms are backing out, this will definitely hurt the share price and valuation of BPCL.”