July 06, 2011 / 18:49 IST
The cabinet may consider approval for a deal between Reliance Industries and BP on Thursday, an oil ministry source said on Wednesday.
In February, Reliance agreed to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to BP in a USD 7.2 billion deal, and is expected to benefit from BP's deepwater exploration expertise.
More then four months after UK's BP Plc agreed to buy a 30% stake in RIL's oil and gas blocks, the Oil Ministry has referred deal to the Cabinet Committee on Economic Affairs (CCEA) for approval.
Although the Oil Ministry has the authority to decide on Reliance selling 30% interest to BP in 23 exploration blocks, including the prize eastern offshore KG-D6 gas fields, the ministry yesterday decided to refer the deal to the CCEA, sources privy to the development said.
Also read: Oil Min refers Reliance-BP deal to CCEA
(With inputs from Reuters) Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
