Reliance Industries Ltd has partnered with British oil major BP Plc to launch a nationwide network of fuel retailing outlets. Both companies have come together after eight years. Earlier, they produced hydrocarbons in the country.
The fuel retailing outlets will be built through a new joint venture company that will be owned 51% by RIL and the remainder by BP.
The companies are planning to set up 5,500 fuel retail stations across India, which may include the 1,378 retail outlets RIL independently runs across the country at present.
RIL said in the statement, “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.”
Mukesh Ambani, Chairman and Managing Director, RIL, said, “Our robust partnership in developing gas resources in India has now expanded to fuel retailing and aviation fuels. This transformative partnership will deepen our engagement with the consumers in further enhancing the world-class services across the country.”
Bob Dudley, Group Chief Executive of BP, stated, “India is set to be the world’s largest growth market for energy by the mid-2020s. BP is already a large investor here and we see further attractive, strategic opportunities to support this growth. Together, we will work to provide consumers across India the high-quality fuels, convenience retail and services they need, continuing to drive modernization and mobility solutions across the country.”
RIL and BP are also partners in India Gas Solutions, an equal joint venture for sourcing and marketing of gas in the country. Apart from this, BP has a presence in India through its automotive and industrial lubricant brand Castrol.