Reliance, Essar in race to buy BP's Africa assets

Jul 28, 2010 |

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New Delhi, July 28: Mukesh Ambani-run Reliance Industries and Essar Oil are among about half a dozen firms in race to buy crisis-hit British energy giant BP's fuel marketing assets in east African countries.

BP is selling retail outlets, terminals and aviation fuel stations in Botswana, Tanzania, Namibia, Malawi and possibly also in Zambia, to cover costs related to the worst oil spill in US history, industry sources said.

Reliance and Essar have offered between USD 400 to 500 million for BP's assets in the East African nation, they said.

A South African firm and National Oil Corp of Libya are said to be other serious bidders among about half a dozen firms who have evinced interest.

While Essar Oil spokesperson did not offer any comments, a Reliance spokesperson said: "We do not comment on market speculation as per company policy.

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