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Oil companies diversifying their business, investing in electric vehicles

Electric vehicles are set to disrupt oil business around the world, the countries like China, India, UK, France are working on a policy to completely replace IC engine cars by electric cars in coming years. The oil companies seem to be now trying to diversify their business in anticipation of fall in the demand for oil. This fact is reflected in the recent event of Royal Dutch Shell agreeing to buy Dutch-based NewMotion, the owner of one of Europe’s largest electric vehicle charging networks.

Oil companies diversifying their business, investing in electric vehicles

This is the company’s first deal in electric mobility, NewMotion will operate in parallel to Shell’s program of rolling out fast charging points at its forecourts, according to a report by Reuters. According to an estimate by Morgan Stanley 1-3 million public charging points could be needed in Western Europe by 2030 that are fewer than 100,000, now, that offers the company an opportunity to expand its business.

In a similar development in India, Petronet LNG Limited has planned to enter into the business of electric vehicles, Zee business has reported. The company also aims to create charging infrastructure that will be opened at the petrol pumps of IOC and BPCL. Petronet LNG may partner with global companies in the electric vehicle segment for the purpose. In India, the government is working on a plan to have an all-electric fleet by 2030.


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