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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.

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