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Ministry of Petroleum Give Permit to New Companies

The Ministry of Petroleum and Natural Gas has provided permission to companies for selling auto fuels in the country. These new approvals are under the relaxed guidelines for authorization to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India’s Petroleum retail business.

A fresh marketing authorisation has been granted to Reliance Industries Under new guidance. This is being done as RIL’s existing Retail Marketing Authorisation has been transferred to its subsidiary Reliance BP Mobility. This was required since the Mukesh Ambani group has reorganised its Petroleum to chemicals business. Another authorisation has been granted to RBML Solutions India under these new rules.

Chennai-based IMC which was once called Indian Molasses Company specialises in oil terminals has also got the approval to sell auto fuels in the country. The company had competed for a discovered small field project during the second bid round to explore and produce oil and gas from India. The company could not get a big project. It offers liquid storage for multiple ports in the country. The company is known for storing Petroleum products, liquefied gases, petrochemicals, acids and vegetable oils.

Assam Gas Company, a government of Assam undertaking, that is primarily engaged in the gas transportation business has got approval for fuel retailing. The company has a network of underground natural gas trunk and distribution pipelines that serves about 400 tea factories, 1,000 commercial establishments, about 31,000 domestic consumers and several big industrial consumers in the districts of Tinsukia, Dibrugarh, Sivasagar, Charaideo, Jorhat, Golaghat and Cachar in Assam.These new authorisations were granted to companies having a minimum net worth of Rs 250 crore at the time of making an application.

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