New Delhi, July 10 - Neftegaz.RU.
BP and Reliance Industries
Limited (RIL) announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). BP has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
Operating under the “Jio-BP” brand, the joint venture aims to become a leading player in India
's fuels and mobility markets. It will leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform. BP will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions.
India is expected to be the fastest-growing fuels market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost 6-fold over the period. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next 5 years.
This rapid growth will require a 4-fold increase in staff employed in service stations – growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years.
Bernard Looney, BP
CEO said: “India has been leading the way with innovations in digital technology, value engineering and new energy solutions. It is a country that will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. RIL
’s digital capabilities, technical expertise and reach complement our international fuels and service offers. This new venture is a unique opportunity to build a leading, fast-growing business that can help meet India’s demands and create exciting new digital and low-carbon options for the future.”
Reflecting the companies’ net zero ambitions, the new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonization of its own operations as well as that of its wider ecosystem.