KPC keen to pick up strategic stake in Indian Oil Corporation

28-Sep-10
Kuwait Petroleum Corporation is keen to pick up strategic stake in Indian Oil Corporation, which is preparing for a follow-on public offer later this fiscal. The government, however, is planning to sell 10% of its stake in the company to the public through a follow-on offer and not a strategic sale. Kuwait is also keen to strike long-term crude supply agreements with India and participate in IOC's upcoming Rs 29,777 crore refinery and petrochemical complex at Paradip in Orissa. Kuwait is the third largest supplier of crude oil to India, selling over 11 mln tpa.
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