BP gets green light to enter Japan's power retail market
Published on: Nov 27, 2023
The company has received approval from the industry ministry to operate as a retail electricity provider amidst its strategy to expand investments in renewable energy and electricity.
BP will enter Japan’s power market after the industry minister approved the company to operate as a retail electricity provider. According to Reuters, this is part of the firm’s efforts to transform its businesses into an integrated energy company.
The oil major has been present in Japan for over 60 years as a supplier of liquefied natural gas (LNG), oil, petroleum products and lubricants. Now, its transformative process includes expanding investments in various growth areas, including renewable energy and electricity.
With this move, BP is aligning its ambition to expand into the low-carbon sector for the coming years, as it seeks to future-proof its business.
BP Energy Japan is part of BP's trading and shipping division, and will now operate the new business, according to an official statement.
