Total SA said it is exploring entering India’s fuel retail market with a local partner.
“It’s a big market with big players like Indian Oil and others having thousands of retail stations. It has been recently deregulated. Obviously we are thinking about it,” said Patrick Pouyanne who was in the capital city of New Delhi last week.
“I think India for us is also a matter of finding the right Indian partners,” he added.
Pouyanne said India’s growing energy market, especially LPG, LNG and renewables, were attractive investments for Total.
Total currently only sells lubricants and LPG in India, after commissioning a fully integrated LPG import terminal in Mangalore in 1998. It also has a minority stake in an LNG import terminal in Hazira in the state of Gujarat.
After meeting with India’s Minister for Petroleum and Natural Gas Dharmendra Pradhan, the French energy major’s CEO said that Total will invest in expanding its LPG infrastructure in India, including boosting its storage capacity, import terminals and distribution network.
Pradhan said he encouraged Total to also invest in infrastructure, gas pipelines, LNG terminals and the petrochemicals business in India.