India To Attract Benefits from The Global Oil Investors Who Yearn for Demand Recovery
- Journalist: Timothy Greene
Amid growing distrust with the Chinese economy, there is a strong possibility that oil investors in most of the Western countries across the world would head towards India, remarked a top executive of BPCL, a government-controlled refinery that has been auctioned for sale. As per N. Vijayagopal, finance director at Bharat Petroleum Corp., after an unparalleled slump in the oil industry, investments across the world will be limited, while India still remains a ray of hope for several refiners. Several nations, such as U.S. are joining hands to counter the threat that China may pose to the global trade, security and human rights in the coming future. However, that would serve as a silver lining for a country like India, which is known for its ever-rising oil appetite, as it may attract huge investments as a reliable alternative to China which has penetration across several energy chains of the world. This would also give a strong push to some of its state-run assets such as BPCL, to attract global investors. The Indian government has recently postponed the deadline for submitting the initial bids for BPCL to July 31. The company is the third-biggest refiner in India and second-largest fuel retailer.