BP, Reliance to invest in Indian gas block, cooperate downstream

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BP and Reliance Industries said on Thursday they would invest $6 billion to boost India's gas output from an east coast block and expanded their tie-up to feed the South Asian nation's rising fuel and renewable energy demand. India is replacing China as the driver of fuel demand growth globally. The International Energy Agency expects India to account for a quarter of global energy use by 2040. BP wants to sell fuels in India in a tie up with Reliance, which operates the world's biggest refining complex and is chaired by billionaire Mukesh Ambani. BP has a licence to sell jet fuel and build 3,500 fuel stations in India. India's pricing formula gives higher profits to retailers with refining plants or domestic supply sources. Free Trials for two days in Financial Market click here to subscribe us >> http://www.ripplesadvisory.com/nifty-future-.php

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