BP pays Reliance $1 billion to set up petrol station venture [Reuters]
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Source: Reuters
BP pays Reliance $1 billion to set up petrol station venture LONDON/NEW DELHI (Reuters) - BP ( BP.L ) has paid Reliance Industries ( RELI.NS ) $1 billion to set up a joint network of thousands of petrol stations across India to tap the country’s rapidly growing energy demand. BP will hold 49% and Reliance the remaining 51% in the new company called Jio-bp, which will expand Reliance’s current 1,400 retail sites up to 5,500 over the next five years, the pair said in a statement on Thursday after announcing the venture last August. Jio-bp will also expand from 30 to 45 airports and plans to increase its staff from 20,000 to 80,000 over five years. The plan comes as billionaire Mukesh Ambani, the owner of Reliance, which operates the world’s biggest refining complex in Jamnagar, is currently in talks with oil group Saudi Arabia’s Aramco to sell a 20% stake in the oil to chemical conglomerate. UK oil group BP, along with many industry peers are aiming to sharply increase their global
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