BP PLC (BP) and Reliance Industries Ltd. (500325.BY) said Tuesday they have completed a $7.2 billion deal to explore for, distribute and market natural gas in India.
BP PLC (BP) and Reliance Industries Ltd. (500325.BY) said Tuesday they
have completed a $7.2 billion deal to explore for, distribute and market
natural gas in
India
.
BP will pay Reliance $7.2 billion for a 30% stake in 21 oil and gas leases and
the two companies will form a 50-50 joint venture to build infrastructure and
market gas produced from the leases, the companies said in a statement. BP
could pay Reliance a further $1.8 billion, subject to future exploration
success.
"This is the beginning of what we expect to be a long and successful working
partnership with Reliance," that will give BP access to growing energy
markets, said Bob Dudley, BP's chief executive.
BP's expertise will help
India
to
unlock the full potential of its gas reserves, said Mukesh Ambani, Chairman and
Managing Director of Reliance Industries.
Two more leases included in the initial deal announced in February remain
subject to negotiation, the statement said.
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