Indian Refiner BPCL Prepared to Integrate with GAIL, Oil India

Reuters, December 20, 2017

India state refiner Bharat Petroleum Corp. has written to the oil ministry for integration with GAIL (India) Ltd and Oil India Ltd as option 1 and 2, said oil minister Dharmendra Pradhan on Wednesday. The government has not taken any decision in this regard, Pradhan told lawmakers in a written reply.

India wants to build bigger oil companies to better compete with global oil giants and withstand oil price volatility through integration of state-run oil firms. The government has already approved the sale of its 51.1 percent stake in refiner Hindustan Petroleum Corp. to oil producer Oil and Natural Gas Corp.

(Reporting by Nidhi Verma)

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