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GSPC resumes sale of hydrocarbon blocks to pare debt

Mint  

Gujarat State Petroleum Corp. Ltd (GSPC) has resumed the process of selling its hydrocarbon blocks to pare debt. GSPC is the flagship company of the group which is involved in exploration and production (E&P) of oil and gas. The state government owns 87% in GSPC, which is in the process of seeking bids for its interests in five E&P fields. GSPC has successfully divested seven E&P fields in the previous financial year. It has raised USD 6.1 million through this round of divestment. GSPC's long term debt is approximately INR 4,700 crore.