Afternoon D & C Dedicated To Mumbai
Home > Business > Pradhan invites RIL, BP to invest in fuel retailing

Pradhan invites RIL, BP to invest in fuel retailing

Friday, June 16, 2017

A day before India shifts to a market dynamic system of daily revision of petrol and diesel prices, Oil Minister Dharmendra Pradhan yesterday invited BP plc, Europe's third-biggest oil company, and Reliance Industries to invest in fuel retailing.

While RIL already has a fuel retailing license and has some 1,400 petrol pumps on the ground, BP last year got approval to set up petrol pumps in India. "Received CEO of BP Bob Dudley & RIL Chairman Mukesh Ambani. BP and RIL have invested in KG Basin. Invited them to invest in retail as well," Pradhan said in a Twitter post after an 80-minute meeting with the partners.

RIL and BP are partners in oil and gas exploration but have no such collaboration in downstream fuel retailing business. BP is the tenth player to enter the lucrative fuel retailing business that is seeing double digit growth, not seen anywhere in the world.

RIL-BP to invest USD 6 bn in developing new gas fields
Reliance Industries and its partner BP plc today announced investment of USD 6 billion in developing new gas fields in the KG-D6 block after an eight- year hiatus. RIL chairman Mukesh Ambani said two firms have also agreed on a strategic cooperation on new opportunities for conventional and unconventional fuel trading and marketing including jointly setting up petrol pumps.

"Changed policies have allowed us to develop new resources," BP CEO Bob Dudley said. The gas project will reduce India's import dependence by 10%.

Addressing a joint press conference, Ambani said RIL-BP after many years will invest Rs 40,000 crore to bring 30-35 mmscmd of gas. This "new and historic cooperation" will also explore trading of fuel and carbon emission trading, he said.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
The roll-back on the ban of liquor sale ...
Twenty-three-year-old Dravita Singh, a resident o
The Shiv Sena is in no mood to ...
I am 24 year old girl working since last 5 years.
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You are an imaginative and enterprising person, and today you may taste success. Ganesha says that you are ambitious but warns you not to take on more work than you can handle. You are positive about your capabilities, so work sincerely and have faith in God.
- Advertising -
Read More