Bharat Petroleum Plans $3 Billion Bond Sale for Brazil Project

Bharat Petroleum Corp. is preparing an international bond sale to raise up to $3 billion. The state-owned refiner intends to use the majority of the proceeds to fund its $2.8 billion contribution to the SEAP-I offshore development project in Brazil.

Remaining funds from the sale will be used to refinance debt maturing next year. The company plans to execute the sale in several tranches.

To gauge investor demand, the company conducted roadshows in London, Dubai, and Singapore last month.