Rosneft, Aramco unlikely to bid for India’s BPCL stake -sources

Rosneft, Aramco unlikely to bid for India’s BPCL stake -sources

"For this, India has to sell BPCL in parts," the source said.India's government, which is looking to finance welfare schemes and bridge a fiscal deficit that has already topped the annual target, had aimed to raise $8 billion to $10 billion through the sale of its stake in BPCL.But BPCL's share price has plunged by nearly 30% over the past year to trade at about 386 rupees on Tuesday."This is not the time to invest in refining ... demand would be there for oil to chemicals and not conventional products," one of the sources familiar with Aramco's thinking said.Rosneft and India's finance ministry did not respond to requests for comment."We continue to explore potential growth opportunities in Asia, including India, and will make appropriate updates as and when necessary," Aramco