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<ul><li>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India.</li><li>The company said that it will make about ₹7000 crore from the joint venture.</li><li>The announcement came with the company's quarterly earnings report.</li></ul>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India. The announcement came with the company's quarterly earnings report. "BP and RIL agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance’s existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country’s fast-growing demand for energy and mobility. Reliance will get approximately ₹7,000 crore from BP’s investment in this joint venture," the statement said. 
 
 
 
 
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 The two companies formed a partnership in 2011 and decided to expand the tie-up in 2017. The two companies together operate fuel retailing outlets in the country and intend to increase the number of fuel-vending stations to 5,500. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms" data-type="tilCustomLink" target="_blank">Reliance Retail surprises with a sharp growth of 27.3% despite slowdown</a> <a href="https://www.businessinsider.in/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms" data-type="tilCustomLink" target="_blank">Reliance Industries posts a record profit even as refining and telecom verticals soften</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-plans-made-more-money-but-added-fewer-subscribers/articleshow/71651933.cms" data-type="tilCustomLink" target="_blank">Reliance Jio added fewer subscribers in Q2 but made more money out of them</a>

Reliance Industries makes a new pact with BP to sell jet fuel in India

New Delhi, Jan 19 () Reliance Industries Ltd (RIL) has outpaced industry in clocking double digit sales growth in petrol and diesel from its nearly 1,400-odd petrol pumps in the third quarter ended December 31, 2019.
In an investor presentation post announcing earnings for October-December 2019, Reliance, operator of the world's largest oil refining complex, said it registered an 11 per cent growth in diesel sales and 15 per cent growth rate in petrol sales from its 1,394 fuel retail outlets.
This is compared to industry growth rate of 0.2 per cent for diesel and 7.1 per cent for petrol.
Its per outlet throughput at 342 kilolitres per month was also nearly double that of petrol pumps operated by public sector firms such as Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL).
"Superior product mix and high asset utilisation underpinned strong earnings," it said in the presentation adding India's oil demand grew 3.2 per cent in October-December with petrol demand rising 7.1 per cent and LPG surging by 15 per cent.
"Preference for petrol cars, improving road infrastructure and rural connectivity is driving petrol demand," it said. A pick up in tourist movement post festive season provided support to ATF demand.
Reliance said there was a strong traction in retail and bulk fuel sales through its network.
"Growth driven by focus on large fleet customers (25 per cent year-on-year growth), fleet aggregators (114 per cent)," it said.
Its ATF sales were driving up via new customer acquisition and higher share from existing customers. "Improved ATF network competitiveness through logistical and supply source optimization," the presentation said.
LPG sales was up 37 per cent with new customers and increasing penetration in new markets.
Reliance said its petro retail sales revenues were up 5 per cent at Rs 3,725 crore in the third quarter. As much as 538 million litres of fuel was sold in the three month period.
Of the 1,394 petrol pumps that Reliance operates, 518 are company owned and the remaining dealer operated.
In April last year, Reliance agreed to sell 49 per cent in its petro retail business to UK's BP plc for Rs 7,000 crore. Reliance-BP joint venture agreed to expand the network to 5,500 in the next five years.
The country currently has 66,817 petrol pumps, with public sector retailers owning 59,716. PSU retailers have plans to double this network and have already starting appointing dealers. 
Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,525 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. 
Royal Dutch Shell has 169 outlets and is slated to add 150-200 more petrol pumps. ANZ MKJ

Reliance outpaces industry in petrol, diesel sales from its outlets

New Delhi, Jul 9 () Global energy supermajor BP plc and Reliance Industries Ltd on Thursday announced the start of their fuel retailing joint venture under the brand 'Jio-bp'. BP had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion. The joint venture, where RIL holds the remaining 51 per cent, has now commenced operations. "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 companies said in a joint statement, adding the new fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML), has started operations. Operating under the 'Jio-bp' brand, the joint venture aims to become a leading player in India's fuels and mobility markets. RBML has received the marketing authorisation for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to 'Jio-bp' in due course. "It will leverage Reliance's presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions," the statement said. India's auto fuel retailing is dominated by public sector oil companies that own the majority of 69,392 petrol pumps in the country. State-owned IOC, BPCL and HPCL own 62,072 petrol pumps and 224 out of the 256 aviation fuel stations in the country. BP and RIL said they expect the venture to grow rapidly to help meet India's fast-growing demands for energy and mobility. "India is expected to be the fastest-growing fuel market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years," the statement said. This rapid growth will require a four-fold increase in staff employed in service stations -- growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years. RIL Chairman and Managing Director Mukesh Ambani 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." Bernard Looney, BP chief executive officer, said India has been leading the way with innovations in digital technology, value engineering and new energy solutions. "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 honoured 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," he said. The new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonisation of its own operations as well as that of its wider ecosystem, the statement said. With its many investments in India and employing around 7,500 people in the oil, gas, lubricants, and petrochemical businesses, BP is one of the largest international energy companies in India. In addition to its gas value chain, retail, aviation fuels, and mobility alliance with RIL, BP's activities include Castrol lubricants, oil and gas trading, clean energy projects through investment in Lightsource bp, IT back-office activities and a new global business services centre. BP owns 33.3 per cent stake in RIL-operated gas blocks in eastern offshore including the flagging KG-D6 block. ANZ ANZ ABM ABM

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Reliance Industries makes a new pact with BP to sell jet fuel in India

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Reliance outpaces industry in petrol, diesel sales from its outlets

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BP, Reliance to retail fuel under 'Jio-bp' brand

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