Government has decided to call off the present Expressions of Interest process for strategic disinvestment of Bharat Petroleum Corporation Limited, BPCL.

In a statement, the Department of Investment and Public Asset Management, DIPAM said, the multiple Covid-19 waves and geo-political conditions affected multiple industries globally, particularly oil and gas industry. 

It said, owing to prevailing conditions in the global energy market, the majority of Qualified Interested

Parties have expressed their inability to continue in the current process of disinvestment of BPCL.

Earlier, DIPAM had issued a global invitation in March, 2020 for expression of interest for strategic disinvestment of around 53 per cent equity share capital held by Government in Bharat Petroleum Corporation Limited. It said, the decision on the re-initiation of the strategic disinvestment process of BPCL will be taken in due course based on review of situation.

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