BPCL says Saudi Aramco still keen to invest in JV with IOC, HPCL


BPCL says Saudi Aramco still keen to invest in JV with IOC, HPCL

Major oil producer Saudi Aramco was still keen to invest in a joint venture with Indian Oil, Hindustan Petroleum and Bharat Petroleum, but Saudi Arabia’s state-owned oil company is still in the early stages of that investment, said N Vijaygopal, director of finance, BPCL, in an interview with CNBC-TV18.

About Saudi Aramco’s investment in Reliance Industries’ chemical and refining business, Vijaygopal said, “We don’t comment on Reliance’s decision but of course it is a company-specific decision taken by RIL based on their own outlook.”

“They are predominantly a company which exports petroleum products, we are a domestic player. So RIL is not a competition for BPCL,” he said, adding that “Our outlook is that our country will continue to grow in consumption of petroleum products in foreseeable future. Read More

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