India has asked state-run energy companies to evaluate the possibility of buying BP p.l.c. (LSE:BP.)'s stake in sanctions-hit Russian firm Public Joint Stock Company Rosneft Oil Company (LSE:ROSN), Reuters reported on April 28, 2022 quoting two people familiar with the matter. BP has announced it is abandoning its 19.75% stake in Rosneft. The oil ministry last week conveyed its intent to ONGC Videsh Limited, Indian Oil Corporation Limited (NSEI:IOC), Bharat PetroResources Limited, Hindustan Petroleum Corporation Limited (NSEI:HINDPETRO)'s subsidiary Prize Petroleum Co.

Ltd., Oil India Limited (NSEI:OIL) and GAIL (India) Limited (NSEI:GAIL), the sources said. Indian companies and the oil ministry did not respond to Reuters emails seeking comment. The call on Indian companies to explore buying the stake in Rosneft came after BP Chief Executive Officer Bernard Looney met Indian Oil Minister Hardeep Singh Puri in March 2022.

BP declined to comment.