BP all set to enter India’s ATF market
BP Plc is all set to enter India’s jet fuel market after a three-year wait – setting the stage for stiff competition in the sector dominated by state-owned oil companies, reports a business daily.
“BP has been granted ‘in-principle’ approval to market aviation turbine fuel (ATF) in India…Air BP aims to build a strong, sustainable and material business in India,” a company spokesperson has been quoted as saying.
BP is one of the world’s largest aviation fuel marketer with a presence in 50 countries.
For a licence to market transport fuel in India, a company must have invested or proposed to invest INR 2,000 crore in exploration & production, refining, pipelines or terminals in the country.
The Government had earlier rejected BP’s application for licence last year on this ground but has now granted it an ‘in-principle’ approval.
BP has been asked to complete certain formalities such as obtaining approvals from different government arms on environment and safety, and airports before the actual licence can be awarded, reports the daily.
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