BP-RIL tie-up likely for fuel retail venture

BP Plc. may join hands with Reliance Industries Ltd (RIL) to launch its fuel retail business in India, two people in the know said. BP is RIL’s partner in its exploration and production, and gas-sourcing businesses.

Last month, BP got in-principle approval and licence to set up 3,500 fuel retail outlets. In a 14 October tweet, BP said, “A significant step in BP’s partnership with India... been granted licence to market motor spirit and high speed diesel.”

“BP has been RIL’s partner in the country for the past five years and may partner RIL for its fuel retail foray too,” said one of the two people cited above, a consultant with an advisory firm. He spoke on condition of anonymity.