Reliance, BP move forward with Indian fuels partnership

Jio-BP branded retail network to grow to up to 5,500 sites over five years

Mukesh Ambani, chairman and managing director of Reliance Industries Limited.
Mukesh Ambani, chairman and managing director of Reliance Industries Limited.

BP and Reliance Industries Limited (RIL) signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year.

The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.

The new venture, a further development of RIL’s and BP’s longstanding partnership, will include an India-wide fuels retail service station network and aviation fuel marketing business. Building from RIL’s existing businesses, the partners expect the venture to co-create a world class fuels partnership to grow rapidly and help meet India’s fast-growing demands for energy and mobility.

The venture expects to expand from RIL’s current fuel retailing network of over 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over the next five years to become the most preferred provider of automotive and aviation fuels.

The retail network will operate under the Jio-BP brand, signalling a new paradigm shift in fuels marketing and mobility solutions. It brings together Reliance’s extensive access and connection to consumers through its Jio digital platform and BP’s deep experience in fuel retailing around the world. The joint venture will seek to offer Indian consumers high-quality differentiated fuels, convenience and services. Castrol lubricants will also be available across the venture’s network.

The agreement was signed in Mumbai by Mukesh Ambani, chairman and managing director of Reliance Industries Limited, and Bob Dudley, group chief executive of BP.

Ambani said: “I am delighted that BP and Reliance are further building on their strong partnership. BP and Reliance are combining their knowledge, expertise and experience to provide Indian consumers world-class products and services.  We believe that together we will bring solutions that will benefit the fast-growing Indian market.

Dudley said: “India is one of the world’s most important energy markets – its transport and aviation sectors are growing and evolving rapidly. We aim to meet the country’s growing demand for mobility solutions, high-quality fuels and services through this new venture. This major expansion of our business here reinforces our long-term commitment to India.

The partners intend to set up a new joint venture company, held 51% by RIL and 49% by BP, which will assume ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business.

For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.

For all the latest refining and petrochemical news from the Middle East countries, follow us on Twitter and LinkedIn, like us on Facebook.

You may also like

Metso’s valve services involved in 250 major shutdowns globally in 2019
Services that include specialised maintenance planning, on-time start-up and effective execution will ensure the safety and availability of the plant until the next planned shutdown
Topsoe unveils TITAN steam reforming catalyst series with boosted reliability and efficiency
The TITAN series speeds up the rate of reaction ensuring lower operating costs, increased profit margins, and reduced energy consumption
Fluor wins EPC contract for world-scale adiponitrile plant
When complete, INVISTA’s new ADN plant will integrate with its existing HMD and polymer facilities
Center for Biocide Chemistries publishes list of products that help stop spread of Covid-19
Center for Biocide Chemistries helps keep US citizens safe with list of Covid-19-fighting products

MOST POPULAR