NEW DELHI: Government has formally granted a licence to BP Plc, Europe's third-biggest oil company, to set up 3,500 petrol pumps in India, making it the 10th company to enter the lucrative fuel retailing sector.
With the current oil crisis dragging on far longer than initially anticipated, many big oil dividend stocks such as BP PLC (ADR) (NYSE:BP), Chevron Corporation (NYSE:CVX), and Royal Dutch Shell plc (ADR) (NYSE:RDS.
The companies in the oil and gas market would take a sigh of relief. The Organization of Petroleum Exporting Countries (OPEC) has finally decided to curtail oil production between 32.5 million barrels and 33 million barrels.
In the second quarter, for instance, BP posted a replacement cost loss, or net loss, of $2.25 billion, which was actually an improvement from a loss of $6.27 billion reported in the corresponding quarter a year earlier.