The deadline to submit expressions of interest (EoIs) for PSU refiner BPCL has been extended for the third time till September 30.

“In view of the further requests received from the interested bidders and the prevailing situation arising out of Covid-19, the last date and time for the submission of EoI is extended up to September 30, 2020,” the Department of Investment and Public Asset Management said in a notice.

The first deadline was May 2, but on March 31 it was extended up to June 13. On May 26, it was extended to July 31.

According to official sources, Saudi Aramco, Abu Dhabi National Oil Co, Rosneft of Russia, Exxon Mobil and RIL are likely to participate in the bidding process.

Analysts said an aversion towards China following Beijing’s failure to alert the world on the impact of the novel coronavirus had made India an attractive investment destination for the giant multinationals.

Besides, fuel demand is expected to go up. “BPCL with its market share in fuel retailing offers a market on a platter,” the analysts said.

Strategic sale

The government is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL’s equity share capital along with transfer of management control to a strategic buyer, except BPCL’s equity shareholding of 61.65 per cent in Numaligarh Refinery Ltd, the notice inviting offer said.

Numaligarh Refinery Ltd stake will be sold to a state-owned oil and gas firm.

The bidding will be a two-stage affair, with qualified bidders in the first EoI phase being asked to make a financial bid in the second round.

Public sector undertakings (PSUs) “are not eligible to participate” in the privatisation, the offer document said.