Reliance Industries, BP Launches Fuel and Mobility Joint Venture under Reliance Jio BP Brand
by Mubarak Ali
Updated Jul 10, 2020
Reliance Jio - Bp
UK-based oil and gas firm bp and Reliance Industries Limited (RIL) announced the launch of Reliance BP Mobility Limited, a fuel, and mobility joint venture on Thursday. Bp has paid RIL $1 billion for a 49 percent share in the joint venture, according to an official statement, while RIL will retain the remaining 51 percent. According to the report, the joint venture will aim to bring advanced fuels to customers with lower emissions, electric vehicle charging, and other low carbon fuel choices.
RBML plans to expand its current fuel distribution network from more than 1,400 retail sites to 5,500 over the next five years, adding that it will also aim to grow its footprint from 30 to 45 airports in the coming years.
Reliance Industries Chairman and Managing Director Mukesh Ambani said - Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels. RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers.
RBML is also committed to decarbonizing its own activities and its wider environment, the statement said.
BP is one of the largest international energy firms in India with its many investments in India and employing about 7,500 people in the oil, gas, lubricants, and petrochemical businesses.
Notably, bp acquired a 30 percent stake in some of its exploration blocks from Reliance in 2011 and formed a gas sourcing and marketing tie-up. The two firms signed agreements in 2017 to discuss possibilities for partnering in creating renewable fuels and mobility businesses. The two companies then revealed the joint venture in 2019, which has now become operational.