BP Plc and Reliance Industries Ltd have announced a joint venture for fuel retail under “Jio-bp”.
India: BP Plc, a multinational oil and gas company has partnered with Reliance Industries Ltd., a company whose business spans across various sectors such as energy, petrochemicals, natural resources, telecommunication, textiles, and retail. Last year, BP Plc had bought 49 percent stakes in 31 aviation turbine fuel (ATF) stations and 1400 petrol pumps, which were previously owned by Reliance Industries Ltd (RIL) for USD1 billion while RIL still held 51 percent of the stakes.
The joint venture has been declared to operate under the brand name “Jio-bp”, with focus on becoming a leading retail player in the fuel and mobility market of India. The joint venture has already initiated operations to achieve the goal, saying, “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.” The plan is to retail fuels and Castrol lubricants via existing outlets and to rebrand them as “Jio-bp”. In conjunction to this, the joint venture also aims to expand its presence from 30 to 45 airports in the upcoming few years.
RIL Chairman and Managing Director said, “Reliance 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.” To this statement, Chief Executive Officer of BP Plc further added, “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 honored to be a strategic partner with Reliance – India’s most valuable company and pleased that our partnership has grown in both substance and spirit over this past decade.”
According to TechSci Research, the joint venture is expected to cater to the ever growing demands for mobility and energy. The joint venture is also anticipated to generate profitable results by providing extensive low carbon solutions to Indian consumers, for instance, advanced fuels having low carbon emissions or electric vehicle charging, and many others.
According to the report published by TechSci Research, “Global Flue Gas Desulfurization (FGD) Market By Installation (Greenfield Vs. Brownfield & Revamp), By Type (Dry & Semi-dry FGD System Vs. Wet FGD System), By End User (Power Generation, Chemical & Others), By Region, Competition, Forecast & Opportunities, 2024”, global flue gas desulfurization (FGD) market is forecast to grow from US$ 15 billion in 2018 to US$ 19 billion by 2024, owing to the enforcement by various law and regulatory authorities that mandate SOx emitting industries to install air quality control equipment in their plants across the globe. Flue gas desulfurization is a technology which removes sulfur dioxide (SO2) from the flue gas emitted by fossil fuel power plants prior to its release into the atmosphere.
According to another report published by TechSci Research, “Global Process Oil Market By Type (Naphthenic, Paraffinic, Aromatic, Non-Carcinogenic and Bio-Based Process Oil), By Function (Extender Oil, Plasticizer, Solvents, Deformers, Others), By Application (Tire & Rubber, Polymer, Personal Care, Textile, Paints & Coatings, Pharmaceuticals & Others), By Production Technology (Convention Route and Gas to Liquid), By Company, By Region, Forecast & Opportunities, 2025”, global process oil market is expected to grow at a steady CAGR during the forecast period. Growing requirement for process oil in the tire & rubber applications is one of the key factors, which is anticipated to boost the market growth during the forecast years. Increasing R&D activities coupled with growing need for natural based products is positively impacting the growth of market. Additionally, growth in personal care industry along with cost benefits of using process oil over conventional energy sources is anticipated to drive the market growth over the coming years.