Saudi Aramco will bid for government's 34.01 per cent stake in oil refiner Hindustan Petroleum Corporation Ltd.

Senior executives of the Saudi Arabia's national oil firm met petroleum secretary early this week and expressed desire to bid for HPCL, official sources said.

"Saudi Aramco is interested in expanding its business interests in the Indian market, including acquisition of the government's 34 per cent equity stake in HPCL, which is currently being privatised through the strategic sale route," they said.

Saudi Aramco, world's largest oil and gas company by reserves and production, joins the likes of Royal Dutch Shell, Reliance Industries, Petronas of Malaysia and Kuwait Petroleum Corporation, who are seen to be bidding for government stake by March 17 (the closing date for putting in expression of interest).

Besides meeting petroleum secretary B K Chaturvedi, the company's executive director (joint venture development & coordination) Adil A Al-Tubayyeb, director (joint venture development) Mohammad S Alshammari, associate general counsel David B Kultgen and senior financial consultant Alan E Howard also met senior officials of the Disinvestment Ministry.

Government has mandated HSBC as global advisor for its stake sale in the country's second largest refining and marketing company HPCL.

Post divestment, state holding in HPCL will fall to 12 per cent as 5 per cent shares would also be sold at concessional price to company employees.