Reliance and BP to Create Major World-Class Fuels Partnership for India’s Fast-Growing Market
BP and Reliance Industries Limited (RIL) announced that they have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance’s existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country’s fast-growing demand for energy and mobility. The partners have agreed to set up a new joint venture company, held 51% by RIL and 49% by BP, that will assume ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business. Source: BP, 8/6/2019.
TCGR Note: RIL’s current network of over 1,400 sites across India is planned to be expanded to 5,500 sites by 2024. Other agreements exist to expand gas resources. Activities have been expanding since 2011, including lubricants under Castrol.