Shell to buy out BPCL stake in lubricant JV

Royal Dutch Shell, which operates an LNG regassification terminal in Gujarat, will buy out Bharat Petroleum Corporation's (BPCL) 49% stake in its joint venture company Bharat Shell (BSL) for Rs 145.80 crore.

BPCL plans to exit the joint venture company, floated in 1993 to market Shell branded lubricants in India, as it has developed a competing product.

Shell holds 51% stake in Bharat Shell. Besides paying BPCL Rs 145.8 crore in cash, Shell will also assume BPCL's share (49%) of the JV's debt amounting to Rs 31.2 crore as on March 31, 2006.