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  • Reliance and BP to create partnership in India to meet the country’s growing demand for energy and mobility
    édité le 07/08/2019 - Plus de news de "BP" - Voir la fiche entreprise de "BP"


Reliance and BP to create partnership in India to meet the country’s growing demand for energy and mobility
BP is extending its partnership with Reliance Industries Limited (RIL) to help meet burgeoning demand for energy and mobility in India.

The partners have agreed to form a major new joint venture (JV) that will include a retail service station network and aviation fuels business operating across India.

The new JV will assume ownership of RIL’s existing fuel retailing network of more than 1,400 sites across the country, with the aim of rapidly expanding to 5,500 sites over the next five years.

The JV will be 51% held by RIL and 49% by BP, with final agreements anticipated to be reached during this year and the deal completed in the first half of 2020, subject to approvals.

India is expected to be the fastest-growing major fuels market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold in that time.

Bob Dudley, BP CEO said:
“We are working closely with Reliance to develop India’s gas resources, helping to meet the country’s demand for that key fuel. Together, we will work to provide consumers in India with the high-quality fuels, convenience retail and services they need, continuing to drive modernization and mobility solutions across the country.”

RIL’s chairman and managing director, Mukesh Ambani, added:
“We are delighted to expand our partnership with BP, one of the global leaders in the fuel-retailing sector. This partnership is a testimony to the strong ties between BP and Reliance.”

BP and RIL have been in partnership since 2011, when BP acquired a 30% stake in RIL’s upstream interests offshore India.

The two expanded their agreement in 2017 and have been working together to develop options for differentiated fuels and mobility businesses in the country.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Reliance Industries Limited (RIL)

RIL is India’s largest private sector company, with a consolidated turnover of INR 622,809 crore ($90.1 billion), cash profit of INR 64,478 crore ($ 9.3 billion), and net profit of INR 39,588 crore ($5.7 billion) for the year ended March 31, 2019. RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
RIL is the top most ranked company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 106th in terms of both revenues and profits. The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 – top-most among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In India’ (2019).


Origine : Communiqué BP

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