Reliance and BP to fullfill India’s growing hunger for energy

BOB and Mukesh Ambani — Bob Dudley CEO?of BP and Mukesh Ambani chairman of Reliance

Bob and Mukesh handshake after signing JV agreement

Reliance teams up with BP to form a petrol station and aviation fuel joint venture in India where oil and natural gas seeks to expand in the one of the world’s fastest growing energy markets.

The joint venture will be 49 per cent owned by Bp and 51 per cent by Mukesh Ambhani’s Reliance, will build on an offshore gas exploration and production partnership that began in 2011.

Bob Dudley BP’s CEO, and Mr Ambani, Reliance Industries’ chairman signed a preliminary agreement in Mumbai yesterday.

Reliance operates the world’s biggest refining complex in Gujarat but has only a small share of the retail fuel market.

BP aims to quadruple Reliance’s petrol stations to 5, 500 over the net five years and expand the aviation fuel business, which operates at more than 30 airports across India.

French oil major Total has signed a dal with Adani Group, the Indian conglomerate to build 1, 500 service stations in the next decade to cater to over 250m vehicles that clog up India’s roads.

BP received a licence to market jet fuel in India in January 2016.