BP ‘to set up 3,500 fuel stations in India’
BP is reportedly set to build around 3,500 fuel stations in India.
It would become the second foreign firm to enter the country’s market due to the rising demand for gasoil and gasoline, according to reports.
Oil giant Royal Dutch Shell is the only overseas firm that is currently working within the Indian market.
The decision comes as the firm believes there is a big scope for fuel demand to increase over the next 10 years as the country is expanding and a rising middle class obtain access to motor vehicles.
An Oil Ministry official told reporters: “We will shortly issue them [BP] a letter permitting them to set up 3,500 retail outlets.”
India’s fuel demand rose by 11.6% in 2015/16, its highest rate in 16 years.
Its oil consumption is expected to rise by six million barrels per day (bdp) to around 10 million bpd by 2040, according to the International Energy Agency.
Earlier this week, the firm said it will not go ahead with drilling explorations off the coast of South Australia.
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