"Saudi Aramco and Oil India are expected to acquire equity stakes in BPCL’s upcoming refinery project in Andhra Pradesh."

State-owned Bharat Petroleum Corporation Ltd (BPCL) is considering diluting a 30–40 per cent stake in its proposed greenfield refinery project in Andhra Pradesh, with Saudi energy major Aramco and upstream player Oil India Ltd (OIL) emerging as potential partners.

According to the executive, Saudi Aramco is expected to acquire a minority stake of around 20 per cent in the project, while OIL may take about 10 per cent. BPCL is also exploring the option of divesting an additional 4–5 per cent stake to banks that have shown interest in participating in the project.

BPCL and Oil India did not respond to queries seeking comment on the development at the time of publication. Saudi Aramco declined to comment.