Reliance Industries and BP sign Indian partnership

Indian conglomerate Reliance Industries and global oil and gas producer BP have announced a historic partnership between the two companies.

Mukesh Ambani, chairman and managing director of Reliance Industries, and Robert Dudley, BP group chief executive, signed the relationship framework and transactional agreements in London.

The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production-sharing contracts that Reliance operates in India, including the producing KG D6 block and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India.

The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.