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Reliance Industries Limited and BP announced a historic partnership

February 21/2011

(BP) -- Reliance Industries Limited and BP today announced a historic partnership between the two companies. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and  Robert Dudley, BP Group Chief Executive, signed the relationship framework and transactional greements in London.

The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.

The partnership will combine BPs world-class deepwater exploration and development capabilities with Reliances project management and operations expertise. 

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