Essar, RIL bid for BP assets in Africa

After BP decided to pull out of Bostwana, Zambia, Malawi, Tanzania and Namibia, two Indian companies, Essar Oil and Reliance Industries Ltd. (RIL) are bidding for the retail outlets and the lubricant business of BP in these five African countries. According to media reports, the two companies are expected to bid in the range of US$400-450 million. BP’s concern over the rising cost of the massive oil spill in the Gulf of Mexico has forced the company to sell its assets worth US$30 billion. (August 9, 2010)