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India invites BP and Reliance to invest in fuel retailing
June 15, 2017 / 11:14 AM / 2 months ago

India invites BP and Reliance to invest in fuel retailing

Labourers work behind an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016.Shailesh Andrade/File Photo

NEW DELHI (Reuters) - India's oil minister invited BP and Reliance Industries Ltd (RIL) on Thursday to invest in fuel retailing after they jointly pumped billions of dollars into a gasfield off the country's east coast.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani, who met India's oil minister Dharmendra Pradhan in New Delhi on Thursday, will hold a news conference later in the day.

"BP & RIL have invested in KG Basin," Pradhan said in a tweet after the meeting. "Invited them to invest in retail as well."

He did not elaborate.

Reliance holds a 60 percent stake in a gas block in the Krishna Godavari (KG) basin, BP owns 30 percent while Calgary-based Niko Resources Ltd holds the rest.

Reporting by Krishna N. Das; editing by David Clarke

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