BP gets licence to sell jet fuel in India
06 October 2016
BP India, the Indian arm of British oil giant BP Plc (BP), has received a licence from the government to sell jet fuel in India, its country head said on Thursday.
"India is a huge market ... Obviously we are a very large player globally in the aviation business, so it makes sense for us to be here," said Sashi Mukundan, regional president and India country head for BP.
Mukundan said BP will soon start local sales of aviation turbine fuel (ATF).
He declined to elaborate on whether BP will sell fuel on its own or tie up with an Indian partner.
BP had, in May, sold 11.5 per cent equity in its subsidiary, Castrol Limited, reducing its stake in the lubricant company from 71 per cent to 59.5 per cent. The stake was sold to a range of domestic and international investors.
Castrol India is listed on the Mumbai Stock Exchange and the National Stock Exchange a variety of investors hold the other 29 per cent of the company.
Bob Dudley, BP Group Chief Executive said: "BP remains committed to India and we wish to continue to grow our businesses here, progressing our upstream natural gas developments as well as our downstream opportunities, including lubricants."