BPCL could raise $1 billion next week

BPCL could raise $1 billion next week

MOil marketing company Bharat Petroleum Corp Ltd (BPCL) could raise anything between $500 million to $1 billion by selling dollar bonds to investors abroad as early as next week, in the first such exercise by an Indian company in 2017, three people familiar with the deal said.

The money will be used to refinance short term loans taken by the company to buy stakes in Tass-Yuryakh and Vankor, two oil fields operated by Russian government owned oil giant Rosneft, one of these people said.

Last year BPCL along with Indian Oil Corp Ltd and Oil India had jointly bought 29.9% stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion and 23.9% in the Vankor oilfield for $2.02 billion. The three companies had jointly taken a $2 billion short term loan for the same. Read More…

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