{"id":77100,"date":"2020-08-04T07:23:44","date_gmt":"2020-08-04T05:23:44","guid":{"rendered":"https:\/\/renewable-carbon.eu\/news\/?p=77100"},"modified":"2020-07-31T13:29:15","modified_gmt":"2020-07-31T11:29:15","slug":"reliance-and-bp-launch-jio-bp-partnership","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/reliance-and-bp-launch-jio-bp-partnership\/","title":{"rendered":"Reliance and BP launch \u2018Jio-bp\u2019 partnership"},"content":{"rendered":"

bp and Reliance Industries Limited (RIL) today announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned. bp has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.<\/strong><\/p>\n

Operating under the \u201cJio-bp\u201d brand, the joint venture aims to become a leading player in India’s fuels and mobility markets. It will leverage Reliance\u2019s presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high- quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions<\/p>\n

bp and RIL expect the venture to grow rapidly to help meet India\u2019s fast-growing demands for energy and mobility. India is expected 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 grow almost six-fold over the period. 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. This rapid growth will require a four-fold increase in staff employed in service stations \u2013 growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years.<\/p>\n

Commenting on the partnership Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited said: \u201cReliance 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\u201d.<\/p>\n

Bernard Looney, bp chief executive officer, said: \u201cIndia has been leading the way with innovations in digital technology, value engineering and new energy solutions. It is a country that will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. bp has a proud history in India spanning over a century. We are honoured to be a strategic partner with Reliance \u2013 India\u2019s most valuable company \u2013 and pleased that our partnership has grown in both substance and spirit over this past decade. Reliance\u2019s digital capabilities, technical expertise and reach complement our international fuels and service offers. Today\u2019s announcement is another milestone in our common goal to serve the Indian consumer. This new venture is a unique opportunity to build a leading, fast-growing business that can help meet India\u2019s demands and create exciting new digital and low-carbon options for the future.\u201d<\/p>\n

Reflecting the companies\u2019 net zero ambitions, the new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonization of its own operations as well as that of its wider ecosystem.<\/p>\n

RBML has received the marketing authorization for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to \u201cJio-bp\u201d in due course.<\/p>\n

 <\/p>\n

About bp in India<\/h3>\n

With its many investments in India and employing around 7,500 people in the oil, gas, lubricants and petrochemicals businesses, bp is one of the largest international energy companies in India. In addition to its gas value chain, retail, aviation fuels and mobility alliance with Reliance Industries Ltd, bp\u2019s activities include Castrol lubricants; oil and gas trading; clean energy projects through investment in Lightsource bp; IT back office activities; a new global business services centre; staffing and training for bp\u2019s global marine fleet; and the recruitment of skilled Indian employees for its global businesses. India Gas Solutions Private Limited, a 50:50 joint venture to source and market gas in India, is also part of bp\u2019s gas value chain alliance with RIL.<\/p>\n

About Reliance Industries Limited (RIL)<\/h3>\n

RIL is India\u2019s largest private sector company, with a consolidated turnover of INR 659,205 crore ($87.1 billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR 39,880 crore ($5.3 billion) for the year ended March 31, 2020. RIL\u2019s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. RIL is the top-most ranked company from India to feature in Fortune\u2019s Global 500 list of \u2018World\u2019s Largest Corporations\u2019 \u2013 currently ranking 106th in terms of both revenues and profits. The company stands 71st in the \u2018Forbes Global 2000\u2019 rankings for 2019 \u2013 top-most among Indian companies. It ranks 10th among LinkedIn\u2019s \u2018The Best Companies to Work For In India\u2019 (2019).<\/p>\n","protected":false},"excerpt":{"rendered":"

bp and Reliance Industries Limited (RIL) today announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned. bp has paid RIL […]<\/p>\n","protected":false},"author":59,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[5838,12366],"supplier":[17267,18650],"class_list":["post-77100","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-bioeconomy","tag-fuels","supplier-bp-india","supplier-ril-reliance-industries-limited"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/77100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=77100"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/77100\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=77100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=77100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=77100"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=77100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}