Kuwait Petroleum still confident on HPCL sale

Vol 7, PW 15 (08 Oct 03) News in Brief

Kuwait Petroleum is confident that Hindustan Petroleum will be privatised despite a 16th September court ruling to refer the matter to parliament.

We Kuwaitis are a very patient people and are convinced that HPCL will be privatised after six months, Mohammed Al-Qasim, Executive Assistant Managing Director tells PETROWATCH at a function to inaugurate KPCs Mumbai office on 29th September. These things happen in a democracy.

We respect the Indian courts and the governments decision. We have the same system in Kuwait.

If the court says go to Parliament, we go to Parliament. Al-Qasim said KPC would invest up to $1bn in India if it succeeds in acquiring HPCL.

India is strategic for us, he adds. We bid for IBP but lost to Indian Oil.

Now it is time to try for HPCL. On 17th March, nine companies submitted EOIs for HPCL: Kuwait Petroleum, Shell, Saudi Aramco, Reliance, Essar, Petronas, Russia's Sun Group, BP and ChevronTexaco.