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State-owned refiners Indian Oil, Bharat Petroleum Corp. and Hindustan Petroleum Corp. are to buy a 10% stake in exploration, development and production (EPD) company Oil India Ltd. from the federal government for US$453 million.
News agency Bloomberg reported that Indian Oil bought a 5% stake – 10.7 million shares – while Bharat Petroleum and Hindustan Petroleum each bought 2.5% – 5.35 million shares.
Oil India is the second largest state-controlled EPD company and has an annual oil output of 3.5 million tons.
The company is mainly engaged in exploration, development, production and transportation of crude oil and natural gas in India, although it also has some interests in the Middle East and West Africa.
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