Essar may bid for BP's retail assets in Africa

Essar Oil today said it was looking at the retail fuel assets BP had put for sale in five-six African countries. BP plans to sell assets worth up to $30 billion over the next 18 months to fund the mounting costs of the massive oil spill in the Gulf of Mexico.

Speaking to journalists here at the sidelines of an event, the group’s chief executive, Prashant Ruia, said the company was exploring the opportunity. “We are in the race with about a dozen other companies. It is in the early process,” he said. “There are about five-six countries. We are going to look at all.”

On whether Essar will go alone or strike a joint partnership, he said, “It’s too early to say.” Reliance Industries Ltd is also learnt to be in the race for BP’s assets, though a company spokesperson declined to comment.

BP is selling its retail outlets, terminals and aviation fuel stations in Botswana, Tanzania, Namibia, Malawi and possibly also in Zambia.