British oil major, BP said it will partner with Reliance Industries to further tap into the 1.3 billion Indian market.
BP said they will both collaborate, in addition to the conventional transportation and aviation fuels retailing, on unconventional mobility solutions, addressing electrification, digitization and disruptive mobility trends.
BP said collaborations will seek to address the mobility needs of urban, rural/farm, industrial/commercial, and highway consumers in India, applying the leading capabilities of both partners.
Mukesh Ambani commented: “This strategic partnership not only strengthens the relationship between two global energy leaders, but is also in line with and supports the forward-looking policies and vision of the Government of India.”
Bob Dudley added: “India’s demand for both energy and mobility is growing and evolving rapidly. This presents many opportunities for BP and Reliance to build on our existing strong relationship in upstream and expand our partnership further downstream. Combining skills and experience from both our companies, we expect to cooperate on mobility and advanced low carbon solutions and jointly explore other opportunities throughout India’s energy sector.
In 2011 BP took 30% stake in multiple oil and gas blocks in India operated by RIL, including the producing Block KGD6.
BP has over 7,500 people in the oil, gas, lubricants and petrochemicals businesses, BP is today the largest international oil company in India. BP’s activities include Castrol lubricants; the licensing of competitive petrochemical technologies; oil and gas trading; IT and procurement back office activities; staffing and training for its global marine fleet; and the recruitment of skilled Indian employees for its global businesses.
As part of its gas value chain alliance with Reliance Industries Ltd., India Gas Solutions Private Limited, a 50:50 joint venture to source and market gas in India has been marketing gas.
Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated turnover of INR 330,180 crore ($ 50.9 billion), cash profit of INR 42,800 crore ($ 6.6 billion), and net profit of INR 29,901 crore ($ 4.6 billion) for the year ended March 31, 2017.