SC ruling on oil PSUs a setback: Shell

The world's third largest oil firm Royal/Dutch Shell on Friday said this week's Supreme Court ruling halting the privatisation of HPCL and BPCL was a 'major setback,' but added that it would be patient in pursuing its retail plans.

"The stay on the decision to privatise the HPCL and BPCL by the court is a setback as we had many (plans) on mind," Malcolm Brinded, global managing director, Royal Dutch Shell, told reporters in Hazira.

Also Read The Divestment Development

Shell, which along with BP Plc, Petronas of Malaysia, Kuwait Petroleum Corporation, Saudi Aramco, Reliance Industries and Essar Oil were in the race for government stake in India's third largest oil firm HPCL, had to abort the due diligence process after the Supreme Court ruling on Tuesday.

The apex court asked the government to seek Parliament approval of its stake sale in Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.

"It is a setback, a bigger one for India in the sense that we are looking to a better presence in the country and were examining all details very closely," Brinded said.

The Shell MD said that, "Here was a divestment process everyone was looking forward to and we will be patient and can take a long term view."