Reliance, BP Announce JV For Natural Gas

Reliance Industries Ltd. and BP have announced the formation an equal joint venture, called India Gas Solutions Pvt. Ltd., that will focus on sourcing and marketing natural gas in India.

The joint venture will also focus on developing infrastructure to accelerate transportation and marketing of natural gas within India. India Gas Solutions will have a six-member board, three each from Reliance and BP.

In August, Reliance Industries concluded a $7.2 billion deal under which it sold a 30% stake in 21 exploration blocks in India to BP, including the gas-rich D6 block in the Krishna Godavari basin.