However, senior officials at HPCL said that there was no decision as yet on this particular asset. Four companies have submitted bids for BP's stake including two locally incorporated companies.
Unlike recent sellouts in the oil sector, BP has not called for open bids to sell its stake. IOC's negotiation is a hush-hush affair and no details were available on the deal size. IOC declined to comment on the development.
The Kenyan petro-retail market was partially controlled but had immense growth opportunities.
For IOC, this market could offer a toehold to other markets in East Africa such as Zimbabwe and Tanzania among others.
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