Vedanta, Murphy, others in race for $1 billion stake in Brazil oil blocks
Spokespersons for Murphy Oil, Wintershall DEA and Vedanta declined to comment when contacted. PetroRio had not responded to queries until press time.
Synopsis
The banks have issued requests for proposal to the potential bidders after they put in expressions of interest. All four are carrying out due diligence before submitting financial offers, people cited above said.
New Delhi: The US’ Murphy Oil Corporation, Brazil’s PetroRio, Germany’s Wintershall DEA and Vedanta are competing to acquire a $1-billion stake in four Brazil oil blocks formerly co-owned by Videocon’s oil business division. A consortium of lenders led by SBI now owns the stake after seizing shares held as collateral in a 50:50 joint venture between Videocon and Bharat Petroleum Corporation (BPCL), according to sources in the know.The banks have
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