Reliance Industries Ltd. and BP PLC are expanding their partnership in India into retail and aviation fuels.
The companies have worked together in the country since 2011, when BP acquired a 30% interest in blocks operated by RIL offshore India. They also have a 50-50 joint venture, India Gas Solutions Pvt. Ltd., to source and market natural gas.
A new heads of agreement calls for formation of a joint venture encompassing a retail service station network and aviation fuels across the country.
The venture will include RIL’s retail network of more than 1,400 sites, aiming to as many as 5,500 sites in 5 years.
It also will include RIL’s aviation fuels business, now operating at more than 30 airports.
RIL will hold 51% of the JV, BP 49%.