Reliance Industries Chairman Mukesh Ambani and British Petroleum Group Chief Executive Bob Dudley are speaking at a media interaction after meeting Prime Minister Narendra Modi on Friday.
Ambani and Dudley also met Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhra during on Thursday.Here are the LIVE updates:
- 6:14 PM: What we have announced today is the strategic partnership that goes into downstream as well: Ambani
- 6:14 PM: 20 billion dollars of LNG imports can be produced from India, says Bob Dudley
- 6:14 PM: Reliance and BP have relation with ONGC despite disputes, says Mukesh Ambani
- 6:14 PM: Aim to make energy more affordable and disruptive business model: Ambani
- 6:14 PM: eliance and BP will explore joitly marketing fuel in India, says Mukesh Ambani
- 6:14 PM: One arbitration doesn't mean we can't get into other partnership, says Mukesh Ambani
- 6:00 PM: BP and RIL will jointly explore options for aviation fuel
- 6:00 PM: Will jointly explore options to develop low carbon fuel, says Mukesh Ambani
- 6:00 PM: BP and RIL to award contracts to develop dry gas projects
- 6:00 PM: It is high time India produces its own instead of importing it, says Ambani
- 6:00 PM: BP's Dudley says US $6 billion to be invested to bring deep water gas
- 5:58 PM: BP's Bob Dudley says BP-RIL agree to progress on R-Series gas field development in KG-D6 block
- 5:57 PM: "We will jointly explore options to develop differentiated fuel and mobility. We will jointly explore options for aviation fuel," says the RIL chief
- 5:50 PM: Mukesh Ambani says RIL-BP will make fresh investment of Rs 40,000 crore in India's energy sector
- 5:45 PM: Proud of our partnership with BP in upstream sector, says Mukesh Ambani
- 5:40 PM: "It gives me pleasure to announce that BP and RIL will enhance their partnership to develop new products to help India's mobility market," Mukesh Ambani said.
- 5:30 PM: "We will jointly explore options to develop differentiated fuel and mobility. We will jointly explore options for aviation fuel," says Ambani
A day before India shifts to a market dynamic system of daily revision of petrol and diesel prices, Oil Minister Dharmendra Pradhan today invited plc, Europe's third-biggest oil company, and Reliance Industries to invest in fuel retailing.
While RIL already has a fuel retailing license and has some 1,400 petrol pumps on the ground, BP last year got approval to set up petrol pumps in India.
"Received CEO of BP Bob Dudley & RIL Chairman Mukesh Ambani. BP and RIL have invested in KG Basin. Invited them to invest in retail as well," Pradhan said in a Twitter post after an 80-minute meeting with the partners.
RIL and BP are partners in oil and gas exploration but have no such collaboration in downstream fuel retailing business.
BP is the tenth player to enter the lucrative fuel retailing business that is seeing double digit growth, not seen anywhere in the world.
Last evening at an industry event, Pradhan had stated that BP as also Haldia Petrochemicals Ltd have been given nod to set up petrol pumps.
BP had in January last year won in-principle approval to retail aviation turbine fuel (ATF) to airlines in India. RIL too operates aviation fuelling services separately.
RIL and BP are partners in four oil and gas blocks, including the flagging KG-D6 gas block. BP holds 30 per cent interest in the block operated by RIL.
For a licence to retail auto fuels petrol, diesel and ATF, a company should have invested a minimum of Rs 2,000 crore in exploration or production of oil and gas, oil refining, gas or product pipeline or terminals leading to additionality to the existing assets or creation of new assets in the eligible activities.
BP, which had in 2011 bought 30 per cent interest in 21 exploration blocks of Reliance Industries for USD 7.2 billion, had cited investment of nearly USD 500 million in oil and gas exploration and production for gaining the licence.
India currently has about 59,595 petrol pumps, with public sector firms operating a majority of them.
Private sector operators are limited to Essar Oil and Reliance Industries, which between them have some 4,900 petrol pumps. Royal Dutch Shell operates 85 petrol stations.
Numaligarh Refineries Ltd (NRL) and Mangalore Refineries and Petrochemicals Ltd (MRPL) are late entrants and have six outlets between them.
State-owned Indian Oil Corp (IOC) owns 26,212 petrol pumps, Hindustan Petroleum Corp Ltd (HPCL) 14,412 stations and Bharat Petroleum Corp Ltd (BPCL) 13,983 outlets.
In ATF or jet fuel retailing, there are 211 aviation fuel stations, 104 of which are owned by IOC, 42 by BPCL and 37 by HPCL. RIL has 27 aviation fuel stations at airports, while joint venture of Shell and MRPL owns one.
India is currently the ninth largest aviation market in the world. Its jet fuel market is circa 7.3 million tonnes per annum and is expected to continue to grow at over 8.6 per cent to support the growth of the Indian economy.
(with PTI inputs)