French energy giant Total SA is looking for a local partner to begin retailing petrol and diesel in the fast-expanding Indian fuel market, which already has a bunch of private and foreign oil giants competing with state firms.
“We have an interest, but we are looking to find the right partner to do the local business, like most of our peers have done,“ CEO Patrick Pouyanne said after meeting oil minister Dharmendra Pradhan on Friday.
Deregulation of petrol in 2010 and diesel in 2014 has reignited interest of private and foreign players in the country’s booming fuel retailing business that has already attracted the likes of Shell, Rosneft, BP and Reliance Industries. State firms still dominate market with more than 90 per cent market share, but private firms have begun to carve their own space. In 2016-17, demand for diesel rose 1.8 per cent and petrol 8.6 per cent. Read More…
Credit By: ET
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