New Delhi: British energy major BP plc appears to be experiencing "bad karma", an expression hippies used in the sixties to philosophize on their run-ins with authorities in India.
After much ado, BP recently had to join an arbitration process against the Centre on gas pricing, much against an unspoken corporate philosophy to never get into a fight against the government of the land.
Now, its desire for a pie of the lucrative aviation fuel market has been blocked. The oil ministry has rejected its application for a licence, saying it did not fulfill conditions for retailing transportation fuel.
The ministry had on March 8, 2002 said companies wishing to sell transportation fuel must own and operate a refinery with an investment of at least Rs 2,000 crore and such investments must be made, or proposed to be made, in the form of equity or similar instruments such as convertible debentures.
01/04/14 Sanjay Dutta/Times of India
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After much ado, BP recently had to join an arbitration process against the Centre on gas pricing, much against an unspoken corporate philosophy to never get into a fight against the government of the land.
Now, its desire for a pie of the lucrative aviation fuel market has been blocked. The oil ministry has rejected its application for a licence, saying it did not fulfill conditions for retailing transportation fuel.
The ministry had on March 8, 2002 said companies wishing to sell transportation fuel must own and operate a refinery with an investment of at least Rs 2,000 crore and such investments must be made, or proposed to be made, in the form of equity or similar instruments such as convertible debentures.
01/04/14 Sanjay Dutta/Times of India
