Reliance-bp fuels JV starts operations eyeing 5,500 retail sites in five years

Reliance BP Mobility Limited (RBML), the fuels and mobility joint venture of Reliance Industries Limited (RIL) and bp plc has started operations, aiming to expand the fuel retailing network to up to 5,500 sites in five years from over 1,400, under the Jio-bp brand.

The expansion will require a four-fold increase in staff employed at service stations, from 20,000 to 80,000.

The joint venture also aims to increase its presence from 30 to 45 airports.

bp paid Reliance $1 billion for a 49 per cent in the joint venture.

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, a statement from Reliance said.

The joint venture aims to become a leading player in India’s fuels and mobility markets.

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.

bp and RIL expect the venture to grow rapidly to help meet India’s demands for energy and mobility. India is expected to be the fastest-growing fuels 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.

“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,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd.

Bernard Looney, bp chief executive officer, said: “India will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. Reliance’s digital capabilities, technical expertise and reach complement our international fuels and service offers. This new venture is a unique opportunity to build a leading, fast-growing business that can help meet India’s demands and create exciting new digital and low-carbon options for the future.”

Reflecting the companies’ net zero ambitions, 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 added.

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