BP to open 3,500 sites in India

Global oil company BP plans to open up to 3,500 gas stations in India, becoming the second largest foreign fuel retailer in the world's second most populated country.

As the fastest growing major economy of the world, India has become a target for the biggest energy and oil companies. BP is hoping to tap into a growing demand for fuel through the opening of 3,500 sites.

BP will join Royal Dutch Shell, which currently has 82 sites in India, as the foreign marketers in a fuel market dominated by state refiners who own 93% of the 56,190 stations in the country, reports Reuters.

"There is space for everybody as our fuel demand is growing," said M.K. Surana, chairman of state-owned Hindustan Petroleum Corp.

India´s fueling market has become increasingly appealing to private retailers after the government stopped controlling gasoline prices in 2010, and diesel on 2014. The policy over fuel prices has benefited state retailers and pushed private operators out of business.