BP has paid Reliance Industries an amount of $1 billion to build a collective network of thousands of petrol stations across India to penetrate the country’s fast-growing energy demand.
On Thursday, in a statement it announced, BP will hold 49% and Reliance the remaining 51% in the new company, which will be named Jio-bp and will extend Reliance’s current 1,400 retail sites up to 5,500 over the next five years.
It is also reported that Jio-bp will expand from 30 to 45 airports and intends to grow its staff from 20,000 to 80,000 over five years.
The plan begins as billionaire Mukesh Ambani, the owner of Reliance, which runs the world’s most influential refining network in Jamnagar, is currently in discussions with oil group Saudi Arabia’s Aramco to sell a 20% stake in the oil to chemical conglomerate.
Jio-bp strives to provide Indian consumers with exceptional fuels with lower emissions, electric vehicle charging and other low carbon solutions over time, the statements revealed.
India “is a country that will need more energy for its economic growth. As it rises, its needs for mobility and convenience will quicken,” BP CEO Bernard Looney declared in a statement.