BP and Re­liance join hands

Commercial Vehicle - - WHAT'S INSIDE -

Bri­tish petroleum com­pany BP Plc and Re­liance In­dus­tries Ltd. (RIL) have joined hands to set up as many as 2,000 petrol pumps in In­dia over the next three years, claim in­dus­try sources. They men­tioned that the ex­act ar­range­ment of the ven­ture is be­ing worked out, and will most likely in­volve an in­vest­ment from Re­liance to setup 2000 out of the 3500 fuel sta­tions that BP has re­ceived a li­cence for in 2016. Re­liance, sources stress upon, is al­ready op­er­at­ing 1,343 petrol pumps. BP is RIL’s part­ner in its ex­plo­ration and pro­duc­tion ven­tures in In­dia. BP bought 21 per cent stake in 21 oil and gas pro­duc­tion shar­ing con­tracts op­er­ated by RIL in 2011 for USD 7.2 bil­lion. With In­dia turn­ing out to be one of the few ma­jor global mar­kets where fuel de­mand is grow­ing, for­eign fuel re­tail­ers are said to seek a toe­hold in an en­vi­ron­ment where gov­ern­ment com­pa­nies are dom­i­nat­ing the busi­ness.

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