Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Bp Plc LSE:BP. London Ordinary Share GB0007980591 $0.25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  18.20 6.48% 299.25 298.75 299.00 304.30 287.00 287.00 92,020,721 16:35:26
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 213,102.1 6,148.4 15.0 19.7 61,024

BP Invests $1 Billion in Indian Fuels Joint Venture with Reliance Industries

09/07/2020 3:58pm

Dow Jones News


Bp (LSE:BP.)
Historical Stock Chart


From Jul 2020 to Aug 2020

Click Here for more Bp Charts.

By Adriano Marchese

 

BP PLC said Thursday that it has entered into a joint venture with Reliance Industries Ltd. to operate in India's fuels and mobility markets.

The U.K. oil major said it has invested $1 billion for a 49% stake in the new JV, Reliance BP Mobility Ltd., operating under the Jio-bp brand. Reliance has the remaining 51% interest.

The joint venture was originally proposed in August last year.

The two partners expect India 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 increase almost sixfold in that time.

The joint venture will aim to expand from a current fuel retailing network of more than 1,400 retail sites to up to 5,500 over the next five years. It expects to employ up to 80,000 people, from 20,000 currently.

The new JV will also reflect BP's net-zero ambitions, it said, aiming to provide Indian consumers with lower-emissions fuels.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

July 09, 2020 10:43 ET (14:43 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

1 Year Bp Chart

1 Year Bp Chart

1 Month Bp Chart

1 Month Bp Chart
ADVFN Advertorial
Your Recent History
LSE
BP.
Bp
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20200805 02:41:33