RIL, BP eye retail, aviation fuel JV

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.

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%.

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