India's oil giant, Indian Oil Corporation, has decided to bid for British Petroleum's...
India's oil giant, Indian Oil Corporation (IOC), has decided to bid for British Petroleum's retail assets in Malaysia and Singapore.
A proposal has been cleared by the IOC Board. It has now approached the Indian Government to form a separate empowered committee to obtain last clearances for the bid, says a datelined report.
Three major assets are on the block: the first being a 70 percent interest in BP's Malaysia fuel business, which comprises 240 service stations, a modern fuel terminal and two automated Liquefied Petroleum Gas (LPG) bottling plants.
The remaining 30 percent of BP Malaysia is owned by Lembaga Tabung Angkatan Tentera (LTAT).
The second is a one-third stake in a Singapore refinery and the third is BP's fuel business in Singapore, comprising 30 retail stations and related marketing assets.
The UK major placed the assets on sale in January, the report says and that the information memoranda for the bids will be submitted next week.
