Indian State Firm BPCL Readies $3-Billion Bond to Fund Brazil oil Project

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India's state-owned Bharat Petroleum is preparing a $3 billion bond issue to finance its share of a major offshore oil project in Brazil. The planned fundraising supports BPCL's international upstream expansion and effort to secure crude supplies.

Indian state-owned refiner Bharat Petroleum Corporation Limited (BPCL) prepares to issue a $3-billion bond to finance its share of a major offshore oil development in Brazil, as Indian companies move to expand in international upstream to secure crude oil supplies. BPCL, India’s second-largest state-controlled oil refiner, expects to raise the sum via several tranches and has held roadshows in London, Singapore, and Dubai to assess potential investor interest, anonymous sources with knowledge of the plan told Bloomberg on Monday.   The…