Reliance Industries, BP joins hands to set up fuel pumps in India?

Indian business man, Mukesh Ambani during the launch of Nationalist Congress Party. Photo: IANS

Reliance Industries Chairman Mukesh Ambani and BP's chief executive Bob Dudley will be addressing the media at 5.30 pm on June 15, 2017 to possibly announce a joint fuel pump business.

Earlier in the day, Dharmendra Pradhan, Minister of State Petroleum & Natural Gas, met the two and tweeted, "Received CEO of BP Mr Bob Dudley & RIL Chairman Sh Mukesh Ambani. BP&RIL have invested in KG Basin. Invited them to invest in retail as well."

Received CEO of BP Mr Bob Dudley & RIL Chairman Sh Mukesh Ambani. BP&RIL have invested in KG Basin. Invited them to invest in retail as well pic.twitter.com/RTfRKBC5jR

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— Dharmendra Pradhan (@dpradhanbjp) June 15, 2017

Share price of Reliance Industries closed on higher note at Rs 1,384.50 per piece on BSE, above Rs 28 or 2.11% ahead of BP and RIL's joint address later today.

BP has been Reliance Industries' partner for last five years in its exploration and production, and gas-sourcing businesses.

On October 14, 2017, BP had said it had got in-principle approval and licence to set up 3,500 fuel retail outlets.

In February 2011, BP purchased a 30% stake in 21 oil and gas production-sharing contracts operated by RIL for $7.2 billion.

In the month of April 2017, PTI report that RIL and BP are looking to buy their partner Niko Resources’ 10% equity stake in a gas field in Bay of Bengal.

Niko in the year 2015, had decided to withdraw from the NEC-25 block and renounce its interest to the remaining stakeholders.

RIL in its earning notes of FY17 said, "The application for assignment of Niko’s PI (participating interest) to BP and RIL has been submitted and the same is awaiting Government of India approval."

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