BP Forms New Joint Venture With India's Reliance Industries
August 06 2019 - 8:37AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) has formed a joint venture with Reliance
Industries Ltd. (500325.BY) to build a retail-service station
network and aviation-fuels business in India.
The London-listed oil-and-gas giant said it will hold a 49%
stake in the new joint-venture, while Reliance Industries will hold
the remaining 51%.
BP said its Chief Executive Bob Dudley and Reliance Industries
Chairman and Managing Director Mukesh Ambani signed heads of
agreements for the joint venture in Mumbai on Tuesday.
The U.K. company said the joint venture will assume ownership of
Reliance Industries' existing fuel-retail network in India and
access its aviation fuel business.
Reliance Industries current fuel-retailing network has over
1,400 sites across India, BP said. Under the joint venture, the two
companies will look to grow the network to 5,500 sites over the
next five years.
Additionally, Reliance Industries' aviation-fuels business
currently operates at more than 30 airports across the country, BP
said.
In turn, the U.K. company will bring its international
experience in convenience and fuel retailing and aviation
operations. Castrol lubricants will also be available across the
venture's network, BP said.
The deal is expected to complete in the first half of 2020.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
August 06, 2019 08:22 ET (12:22 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
BP (NYSE:BP)
Historical Stock Chart
From Aug 2024 to Sep 2024
BP (NYSE:BP)
Historical Stock Chart
From Sep 2023 to Sep 2024