The government, which had earlier turned down a plea from the UK-based BP to enter the aviation turbine fuel (ATF) retailing in India on the grounds that its investments in the country did not suffice to meet the eligibility criterion, is now re-evaluating the matter.
Sources told FE that Sashi Mukundan, country head of BP India, recently met petroleum minister Dharmendra Pradhan and apprised him afresh of BP’s investments here. The meeting, which lasted for nearly an hour, was also attended by senior officers in the ministry.
“BP has re-submitted the investment details, which is currently being examined. There is a detailed process to review the application, which would take some time,” an official privy to the development told FE.
BP Exploration (Alpha), a wholly owned subsidiary of BP, had on June 11, 2014, submitted an application for authorisation to market ATF or jet fuel, claiming to have invested $477 million (including $259 million of capex investment) and a proposed investment of $2.3 billion.
02/07/15 Siddhartha P Saikia/Financial Express
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Sources told FE that Sashi Mukundan, country head of BP India, recently met petroleum minister Dharmendra Pradhan and apprised him afresh of BP’s investments here. The meeting, which lasted for nearly an hour, was also attended by senior officers in the ministry.
“BP has re-submitted the investment details, which is currently being examined. There is a detailed process to review the application, which would take some time,” an official privy to the development told FE.
BP Exploration (Alpha), a wholly owned subsidiary of BP, had on June 11, 2014, submitted an application for authorisation to market ATF or jet fuel, claiming to have invested $477 million (including $259 million of capex investment) and a proposed investment of $2.3 billion.
02/07/15 Siddhartha P Saikia/Financial Express
