BP, Reliance in strategic downstream cooperation in India

BP and Reliance Industries Limited (RIL) will expand partnership in oil downstream business and other areas including differentiated fuels, mobility, and advanced low carbon energy solutions in India.

The strategic partnership, according to a company release, includes collaborations in aviation fuel retailing, conventional transport fuel, and unconventional mobility solutions.

"India’s demand for both energy and mobility is growing and evolving rapidly. This presents many opportunities for BP and Reliance to build on our existing strong relationship in upstream and expand our partnership further downstream," said Bob Dudley, BP Group Chief Executive.

The two companies are also investing $6 billion in developing three deep water gas projects, which are expected to bring a total c. 30-35 million cubic metres (1 billion cubic feet) of gas per day.

India with a population of 1.3 billion people consume around 4 million barrels a day of oil products and with demand for fuels expected to grow by 5-7% per year over the next decade.