Saudi Arabia-based Jazira Enterprises has sought marketing rights to retail petrol and diesel in all major districts in the country.
Jazira Enterprises, in its application, has said it will import fuel from Saudi Arabia's state-owned Saudi Aramco, and sell it from around 200 petrol stations in every major district, government sources said.
The petroleum ministry, which is doubling as the sector regulator till the Petroleum Regulatory Board Bill is passed by Parliament, has, however, sought clarifications on the percentage of retail outlets to be set up in remote and low service areas.
"Although a total investment of Rs 8,236.75 crore (Rs 82.367 billion) has been proposed, the pre-condition of the investment plan of at least Rs 2,000 crore (Rs 20 billion) in the field of refining, exploration, production, pipeline or terminals, has not been clearly stated," sources said.
The marketing rights to retail petrol, diesel and jet fuel (aviation turbine fuel) are conditional, and granted to a company investing Rs 2,000 crore in oil infrastructure or giving a bank guarantee of Rs 500 crore (Rs 5 billion).
"The proposal has been examined in the ministry and it has been found that the company has proposed to invest in inland storage depots, retail outlets and import terminals for finished products. These being part of normal marketing infrastructure, do not qualify for grant of marketing rights," they said, adding the company has been asked to submit a proposal for investment in eligible activities.
UNI
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