BP plc’s BP Indian fuel and mobility joint venture — Jio-bp — operating under the brand name Jio-bp Pulse, added more than 1000 public charging stations during fiscal 2022-23. This has brought the company’s network strength to 1,400+ across eight cities and major highways. This growth is likely to continue during fiscal 2023-2024 as well.
The electric vehicle (EV) shift in India is being spearheaded by Jio-bp. In order to build a strong public EV charging infrastructure and battery swapping network, Jio-bp is collaborating with a number of players from the automobile sector, real estate and mall developers, e-commerce players, fleet operators, corporates and other significant establishments.
Seven of the largest charging hubs in the country (each with more than 100 charge stations) are included in the venture, with several other hubs under construction. Additionally, facilities were established in workplaces, public parking lots, shopping malls and neighborhoods.
Jio-bp’s electric car charging service earned the elite Golden Peacock Innovative Product Service Award 2023. The joint venture teamed with several partners from different industries to make EV charging and swapping infrastructure more accessible.
Jio-bp has also inked a Memorandum of Understanding with the Mahindra Group to examine the development of EV products and services, as well as discover synergies in low-carbon and conventional fuels. It has entered the CNG retailing market as part of its mission to provide low-carbon solutions.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Some better-ranked stocks in the energy space are CVR Energy Inc. CVI, Murphy USA Inc. MUSA and Crestwood Equity Partners LP CEQP. While CVI sports a Zacks Rank #1 (Strong Buy), both MUSA and CEQP carry a Zacks Rank #2 (Buy) at present.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Murphy USA serves 1.6 million customers daily and owns a dedicated line on the Colonial Pipeline. It operates stations near Walmart supercenters and is a low-cost, high-volume fuel seller. This enables the company to attract significantly more transactions than its peers.
Headquartered in Houston, TX, Crestwood is a master limited partnership that provides a wide range of fee-based infrastructure solutions in major U.S. shale plays like the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and others. The company is least exposed to commodity price fluctuations since it generates stable fee-based revenues from diverse midstream energy assets via long-term contracts.
BP p.l.c. (BP): Free Stock Analysis Report
CVR Energy Inc. (CVI): Free Stock Analysis Report
Murphy USA Inc. (MUSA): Free Stock Analysis Report
Crestwood Equity Partners LP (CEQP): Free Stock Analysis Report
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