BP – Reliance JV for natural gas business in India [Oct 2011]

Reliance Industries (RIL) and BP had announced the completion of BP’s acquisition of a 30 per cent stake in 21 oil and gas production sharing contracts (PS-Cs) that Reliance operates in India, including the producing KG D6 block. The two companies will also form a 50:50 joint venture for the sourcing and marketing of gas in India which will also accelerate the creation of infrastructure for receiving, transporting and marketing natural gas.Mukesh Ambani, CMD, Reliance Industries, said “The alliance with BP will boost our efforts to realise the true potential of India’s hydrocarbon reserves. The globally renowned expertise of BP and the in-depth domestic experience of Reliance make for a formidable alliance which will deliver unparalleled value for the country in its pursuit of energy security.”

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