TOKYO (Reuters) - BP (LON:BP) said on Monday it has entered Japan's power market after receiving approval from the industry ministry to operate as a retail electricity provider.
BP, focused on transforming itself into an integrated energy company, said in a statement the move was part of its plan to expand its investment in several areas of growth, including renewable energy and electricity.
The oil major, which has been a supplier of liquefied natural gas (LNG), oil, petroleum products and lubricants to Japan for more than 60 years, plans to expand into low-carbon energy in the coming decades as it seeks a business model that can survive the global transition from fossil fuels.
BP Energy Japan (BPEJ), part of BP's trading and shipping division, will operate the new business, according to the statement.
Further details of the company's business plan were not immediately available.