Oil Minister Dharmendra Pradhan on Thursday invited BP plc, Europe’s third-biggest oil company, and Reliance Industries to invest in fuel retailing. The development comes a day before India switch to a market dynamic system to revise petrol and diesel prices on a daily basis.
Indian Business tycoon Mukesh Ambani’s RIL who is already in the retail market has around 1,400 petrol pumps while BP was last year also given the approval to set up fuel stations in the country.
"We will jointly explore options to develop differentiated fuel and mobility. We will jointly explore options for aviation fuel," RIL chief Mukesh Ambani said during a press conference along with BP CEO Bob Dudley.
“BP and RIL will enhance their partnership to develop new products to help India’s mobility market,” he added.
CEO of BP Bob Dudley said during his address the BP-RIL have agreed to progress on R-series gas field development of KG-D6 block. $6n to be invested in bringing deep water gas; the project will reduce India's import dependence by 10%, Said Bob Dudley.
BP's Dudley appreciating Centre’s energy policy said, “this investment reflects the confidence the two companies (RIL-BP) have in the government's energy policy.”
Earlier, Oil Minister Dharmendra Pradhan has invited RIL and BP to invest in fuel retail. The duo called upon the government ahead of making the big announcement.