Indian refineries in Saudi hand? Saudi Aramco may take over BPCL refinery 50% stake – BP and Total also eying the deal
Babu Ghanta
Aug. 13, 2005

Speculations are wild that Saudis are planning to take over Indian refineries. According to sources, Hindustan Petroleum Corporation (HPCL) said it would sell to a foreign player 50 per cent stake in Guru Gobind Singh Refinery (GGSRL), which is putting up a greenfield nine-million-tonne per annum refinery near Bathinda in Punjab.

Petroleum Minister Mani Shankar Aiyar indicated that Saudi Aramco was one of the three players with which talks were under way. HPCL sources said the company was also talking to British Petroleum and Total.

“We are in talks with three companies though some more players have shown interest. We hope to finalise the deal in a month,” HPCL Chairman MB Lal told reporters here.

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