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Government rejects BP’s request to sell jet fuel
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Print NEW DELHI: The government has rejected BP’s application for selling aviation turbine fuel (ATF), or jet fuel, saying its $477-million investment in India so far does not qualify it to get a fuel-retailing licence, but has allowed it to apply afresh with more details.
The petroleum ministry, earlier this month, wrote to Europe’s second-largest oil company informing it of the decision, a senior ministry official said.
A licence 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, or $500 million, 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.
BP’s $7.2-billion spending in buying 30% stake in 21 exploration blocks of RIL is not being considered as capital investment, he said.
When contacted, a BP spokesperson said, "We will continue to work closely with government authorities and urge them to review the decision."
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