Bharat Petroleum Corp. is preparing an international bond sale to raise as much as $3 billion, largely to fund a major oil project in Brazil and refinance debt maturing next year, according to people familiar with the matter.
The largest share of the proceeds will help fund BPCL’s $2.8 billion contribution to the SEAP-I offshore development in Brazil, the people said, asking not to be named because the discussions are private. India’s second-biggest state-owned refiner plans to raise the money in several tranches and held investor roadshows in London, Dubai and Singapore last month to gauge demand, they said.
