Saudi Aramco bids for government stake in HPCL
Saudi Aramco will submit an offer to acquire the Indian government’s 34 percent stake in the Hindustan Petroleum Corporation (HPCL). The closing date for entering an Expression of Interest in the tender is March 17, reported PTI.
The government has commissioned HSBC as the global advisor for the sale of its stake in HPLC. Saudi Aramco will be competing with Royal Dutch Shell, Reliance Industries, Petronas and the Kuwait Petroleum Corporation for the tender.
Saudi Aramco is the world’s largest oil producer. It is responsible for 99 percent of the Kingdom’s proven crude oil reserves of 259.2 billion barrels, while daily production is estimated at approximately eight million barrels. — (menareport.com)
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