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Business News›Industry›Energy›Oil & Gas›Govt calls off present EOI process for
BPCL divestment




GOVT CALLS OFF PRESENT EOI PROCESS FOR BPCL DIVESTMENT

SECTIONS
Govt calls off present EOI process for BPCL divestment
ET OnlineLast Updated: May 27, 2022, 12:17 AM IST
Synopsis


FOLLOWING THE MULTIPLE WAVES OF COVID-19 AND THE CURRENT GEOPOLITICAL STRIFE
BETWEEN RUSSIA AND UKRAINE, THE GOVERNMENT HAS CALLED OFF THE PRESENT EXPRESSION
OF INTEREST (EOI) PROCESS FOR STRATEGIC DISINVESTMENT OF STATE-RUN REFINER BPCL,
THE DEPARTMENT OF INVESTMENT AND PUBLIC ASSET MANAGEMENT (DIPAM) SAID ON
THURSDAY.


BPCL’s strategic divestment called off as most bidders express inability to
participate
Following the multiple waves of COVID-19 and the current geopolitical strife
between Russia and Ukraine, the government has called off the present expression
of interest (EoI) process for strategic disinvestment of state-run refiner
BPCL
NSE -0.37 %, the Department of Investment and Public Asset Management (DIPAM)
said on Thursday.

The majority of qualified interested parties (QIPs) expressed their inability to
continue with the current process due to the prevailing conditions in the global
energy market, DIPAM said in a notification. " The multiple Covid-19 waves and
geo-political conditions affected multiple industries globally, particularly oil
and gas industry," it added.

"We need to go back to the drawing board on BPCL. There are issues in terms of
consortium formation, geopolitical situation and energy transition aspects," an
official told PTI. The official said the transition towards green and renewable
fuel has made privatisation difficult in existing terms.



"The total stake that may be offered to potential buyers too needs a rethinking
in current conditions and easing of terms to help investors in forming a
consortium," the official said.

DIPAM had issued a global invitation on March 7, 2020 for EOI for strategic
disinvestment of 52.98% equity share capital held by the central government in
BPCL. The EoI submission date was extended multiple times to address the
constraints faced by the potential bidders.

Owing to the current situation, the government called off the present EoI
process, based on the decisions of the Alternative Mechanism (Empowered Group of
Ministers). EoIs received from QIPs shall stand cancelled, DIPAM said.

A decision on the re-initiation of the strategic disinvestment process of BPCL
will be taken in due course based on a review of the situation.

Reports last week had suggested that the government put the privatisation of
BPCL on hold as it only got a single bid, the source, who did not want to be
named, said.

News agency Reuters reported the government is considering selling up to a
quarter of BPCL after failing to attract suitors for the whole firm.

The government has pegged disinvestment receipts at Rs 65,000 crore in the
current fiscal, up from Rs 13,531 crore mopped up last fiscal.

( Originally published on May 26, 2022 )
In Video: BPCL’s strategic divestment called off as most bidders express
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