British Petroleum BP and Reliance Industries have announced a two-pronged partnership that will see BP take a 30% stake in select Reliance oil and gas fields in India, while the two companies will also create a jointly owned sourcing and marketing company. The total outlay for BP will be up to $20 billion.
BP will acquire 30% of 23 oil and gas production sharing contracts, covering approximately 270,000 square kilometres, that India’s largest private-sector company operates in its home country. The two companies will also form a 5050 joint venture for the sourcing and marketing of gas in India. The JV will work towards creating the infrastructure for receiving, transporting and marketing of...
¬ Haymarket Media Limited. All rights reserved.
