A joint venture (JV) of Indian firm Adani Gas and French oil major Total is reportedly seeking government approval to open retail fuel stations across India.
The latest move comes after the Indian Government relaxed the rules for setting up fuel stations in the country, Reuters reported.
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The news agency quoted Adani Gas chief executive Suresh Manglani as stating: “Definitely we will take full benefit of the expertise and strength of Total.”
Suresh added that Total Adani Fuels Marketing will soon apply for a licence under the new liberal ‘fuel retailing rules’.
As the country ended government control of regular gasoline prices, India has become a profitable market for global oil giants.
Indian Prime Minister Narendra Modi plans to increase gas share in the country’s energy mix to 15% by 2030, which currently stands at 6.2%.
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By GlobalDataIn the coming years, fuel demand is expected to increase in India as Modi is in the process of driving the country’s economy to grow from $2.9tn of gross domestic production in 2019 to $5tn by 2025.
Last October, Total signed an agreement to acquire a 37.4% stake in Adani for $600m as part of Total’s strategy to supply and market natural gas in India.
In October 2018, Total signed an agreement with Adani Group for the joint development of multi-energy operations to serve the Indian market.
Last month, global energy major BP and India–based Reliance Industries (RIL) announced the start of their fuel retailing joint venture. Called Reliance BP Mobility Limited (RBML), the JV is 51% owned by RIL and 49% by BP.
