Reuters exclusively reports Rosneft, Aramco likely to steer clear of India’s BPCL

Reuters reported exclusively that Rosneft and Saudi Aramco are unlikely to bid in the privatization of Indian refiner Bharat Petroleum Corp (BPCL), as low oil prices and weak demand curb their investment plans. 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.