BP and Reliance join hands
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.