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IOC DROPS PLAN TO BUY BP'S KENYA OPERATIONS (after BP had informed IOC that the basic business proposition of its SPA with IOC was not achievable).

India Business Insight

| March 27, 2006 | COPYRIGHT 2001 Silverline Information Systems Pvt. Ltd. (Hide copyright information)Copyright

(From India Business Insight)

Indian Oil Corporation Ltd (IOC), which was in advanced talks with British Petroleum Plc (BP) for acquiring the latter's refining and marketing businesses in Kenya, has dropped the plan. This was after BP decided to exercise its rescission rights to withdraw, thereby ending its existing arrangements with IOC, which also included a …

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