bp has announced its entry into Japan’s power market after receiving approval from the industry ministry to operate as a retail electricity provider.

This came as part of the company’s plan to expand its investment in several areas of growth, including renewable energy and electricity, as it focuses on transforming itself into an integrated energy company.

The oil major, which has been a supplier of liquefied natural gas (LNG), oil, petroleum products, and lubricants to Japan for over 60 years, is now looking to expand into low-carbon energy in the coming decades. This decision comes as bp seeks a business model that can survive the global transition from fossil fuels.