BP-Reliance in massive USD 7.2 bn deal

Feb 21, 2011 |

New Delhi

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UK's BP Plc will buy 30 per cent stake in Reliance Industries' 23 oil and gas blocks including the giant KG-D6 gas fields off the east coast for $7.2 billion.

BP could further pay $1.8 billion "on exploration success that results in development of commercial discoveries," RIL said in a press statement.

The two firms will also enter into a 50:50 joint venture for sourcing and marketing of gas.

BP CEO Bob Dudley and RIL chairman and managing director Mukesh Ambani will make a joint announcement later in the evening.

In picture: A member of the Lord Chamberlain's Office (name not given) at Buckingham Palace in London, inserts on February 16, 2011 the invitations of Prince William and Kate Middleton's wedding into envelopes before posting them to guests.

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