Categories: Business

BP, RIL to retail fuel under the brand name 'Geo-BP'

Image Source: GOOGLE

new Delhi. Global petroleum company BP PLC and Mukesh Ambani's Reliance Industries will retail fuels under the brand name 'Geo-BP'. Both companies announced this on Thursday. BP bought 49 percent stake in Reliance Industries' 1,400 petrol pumps and aviation fuel (ATF) stations last year for $ 1 billion. Reliance Industries holds the remaining 51 percent stake in the joint venture. The joint venture has now started operations. The two companies said in a joint statement that Reliance BP Mobility, a new joint venture in the fuel and traffic sector, has started operations. "After the preliminary agreement in 2018, BP and Reliance have worked closely together over the last few challenging months to complete the deal as planned," he said.

The companies aim to become a leader in the country's fuel and transportation market under the Geo-BP brand. Reliance BP Mobility has got all other necessary clearances including transportation of fuels. The existing petrol pumps and ATF stations of the joint venture will be given a brand new name as Geo-BP. Under this, the JV will start selling fuels and castrol lubricants with immediate effect. Currently, public sector oil companies dominate the retail sale of fuels in the country, which own most of the total 69,392 petrol pumps across the country. State-run Indian Oil Corporation, BPCL and HPCL have 62,072 petrol pumps. Similarly, these three companies have 224 out of 256 aviation fuel stations in the country. BP and Reliance Industries said they expect the joint venture to grow rapidly to meet India's rapidly growing demand for fuel and traffic.

The statement said, "India is expected to become the fastest growing fuel market in the world in the next 20 years. With this, the number of passenger cars in the country is projected to increase by almost six times. The network of more than 1,400 retail outlets is to be expanded to 5,500 in five years. ”The two companies said that this rapid growth would require a four-fold increase in the staff working in service stations and the number of them would be increased during this period. Will need to deliver from 20 thousand to 80 thousand.

Reliance Industries Chairman and Managing Director Mukesh Ambani said, "Reliance is expanding its strong and valuable partnership with BP to establish a pan-India presence in retail and aviation fuels. RBML to become a leader in mobility and low-carbon solutions "Our key sources are to provide clean and affordable options for Indian consumers along with digital and technology."

This post was published on July 10, 2020 2:04 am

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