Govt dismisses British BP’s plea for selling ATF
31 March 2015 11:31 PM GMT
The government has rejected BP’s application for selling ATF, saying its expenditure in India so far does not qualify it to get a fuel retailing license, but has allowed it to apply afresh with more details.
The Petroleum Ministry, earlier this month, wrote to Europe’s second-largest oil company, saying its $477 million investment in India till date does not qualify it to begin selling jet fuel to airlines, a senior Oil Ministry official said.
A license to retail any of the transport fuels -- petrol, diesel or aviation turbine fuel (ATF) -- is contingent upon a company investing or proposing to invest Rs 2,000 crore in oil and gas exploration and production (E&P), refining, pipelines or terminals within 10 years.
The official said BP’s $477 million investment since entering in 2011 included both capital and operating expenditure, mostly in its partner Reliance Industries’ offshore blocks, including the flagging KG-D6 in Krishna Godavari basin.
The Petroleum Ministry, earlier this month, wrote to Europe’s second-largest oil company, saying its $477 million investment in India till date does not qualify it to begin selling jet fuel to airlines, a senior Oil Ministry official said.
A license to retail any of the transport fuels -- petrol, diesel or aviation turbine fuel (ATF) -- is contingent upon a company investing or proposing to invest Rs 2,000 crore in oil and gas exploration and production (E&P), refining, pipelines or terminals within 10 years.
The official said BP’s $477 million investment since entering in 2011 included both capital and operating expenditure, mostly in its partner Reliance Industries’ offshore blocks, including the flagging KG-D6 in Krishna Godavari basin.
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