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Reliance Industries-BP Fuel And Mobility Joint Venture Begin Operations

Reliance Industries-BP Fuel And Mobility Joint Venture Begin Operations

UK-based oil and gas company bp and Reliance Industries Limited (RIL) on Thursday announced the launch of Reliance BP Mobility Limited (RBML), a fuel and mobility joint venture. According to an official release, bp paid RIL $1 billion for a 49 per cent stake in the joint venture, while RIL will be holding the remaining 51 per cent. "Operating under the “Jio-bp” brand, the joint venture aims to become a leading player in India's fuels and mobility markets," the release said.

According to the release the joint venture will seek to provide consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon fuel options.

RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years, the release also said adding that it will also aim to  increase its presence from 30 to 45 airports in the coming years. 

“Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels. RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers," Mukesh Ambani, Chairman and Managing Director of RIL said, commenting on the joint venture.

Notably, in 2011 bp acquired a 30 per cent stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up. In 2017, the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses. Then in 2019, the two companies announced the joint venture which has now become operational.