BP, Total bet big on India energy market amid Covid disruption | India News - Times of India

NEW DELHI: British energy major BP is looking at expanding its footprint in Indias fuel retailand mobility solutions market as the world bets on the third-largest economy in terms of purchasing power to lead the recovery in energy demand in the post-Covid scenario. According to BP chief executive Bernard Looney, the companys joint venture with Mukesh Ambani-led Reliance Industries Ltd (RIL) will over the next 4-5 years add 5,500 fuel retail outlets that will also offer new-age mobility solutions such as charging facilities for electric vehicles. India is an extraordinary country with an extraordinary history, an extraordinary group of people, and with extraordinary ambition, Looney told India Energy Forum-CERA Week on October 26, pointing out the country has a growing population and an ambitious agenda to cut emissions that were very, very compelling. The expansion plan is not new as it was articulated at the time of announcing the joint venture with RIL for selling motor and jet fuels in August 2019. But Looneys reiteration of the plan signals the global oil industry is pinning its hopes on India to recover from the pandemics destructive impact on energy demand. In his concluding remarks on Wednesday, oil minister Dharmendra Pradhansaid pointed out that the fact that prime minister Narendra Modi inaugurated the forum shows his governments emphasis on securing Indias energy architecture. We are at such a point when we have to assess the impact of Covid-led disruptions to global energy sector supply chains and calibrate our approach towards strengthening of Indias energy sector. As reported by TOI on October 13, the International Energy Agencys World Energy Outlook 2020 earlier this month said India will lead the recovery in global energy demand. Modi had underlined this while inaugurating the IEF on October 26 by telling policymakers and captains of the energy industry that, India is set to nearly double