Jio-Bp Will Open First Petrol Pump Near Mumbai
Jio-bp will open first petrol pump near Mumbai, plans to open 5,500 petrol pumps by 2025.
Global Energy Super Major BP Plc is set to open its first ‘Jio-BP’ branded petrol pump near Mumbai in partnership with Reliance Industries.
The company gave this information on Thursday. In 2019, BP bought a 49 percent stake in over 1,400 petrol pumps and 31 Aviation Turbine Fuel (ATF) stations owned by Reliance for US$1 billion.
Reliance’s existing petrol pumps have since been transferred to a joint venture, Reliance BP Mobility Limited.
Speaking at the India Energy Forum on behalf of CERAWeek over a video link, BP Chief Executive Bernard Looney said the plan is to take the number of petrol pumps to 5,500 by 2025.
“We have about 1,500 sites (petrol pumps) which were traditionally Reliance sites and have now become Geo-BP sites,” he said. We are going to open the first truly Geo-BP site near Mumbai.
Bernard Looney said, “Our goal is to supply 15 percent of India’s natural gas needs. He said the third project would start production by the end of next year.
Both the projects currently produce about 18 million standard cubic meters of gas per day, which will increase to 30 mmscmd after the third one is commissioned.
When asked about the expansion of that partnership, he said, “We see an opportunity to expand that business over time.”
We are looking at licenses, blocks around us. Reliance-BP acquired an auction block in the 2019 oil and gas block auction.
Reliance holds the remaining 51 percent stake in Reliance BP Mobility Limited (RBML). RBML has already received Marketing Authorization for Transport Fuel.
After Reliance took over the existing petrol pumps, the joint venture started selling fuel and Castrol lubricants. The outlets will be named ‘Jio-bp’ in the coming times.
India’s auto fuel retailing is dominated by public sector oil companies, which have 78,751 petrol pumps in the country.
RBML has 1,427 outlets while Rosneft-back Naira Energy has 6,250 pumps. Shell has 285 petrol pumps.
