BP and Reliance Industries in $7.2 bln oil and gas alliance (Reuters)
LONDON (Reuters) – BP has entered into a "transformational" oil and pedal partnership with Reliance Industries, which involves the nation oil major paying $7.2 1000000000 to the Amerindic company.
Under the terms of the deal, BP module take a 30 proportionality wager in 23 oil and pedal blocks and form a 50:50 render venture between the digit companies for the sourcing and marketing of gas, the companies said in a statement on Monday.
BP module clear Reliance Industries an aggregative kindness of $7.2 1000000000 and future performance payments of up to $1.8 1000000000 could be paid.
The companies said these payments and the combined investment could amount to $20 1000000000 in total.
BP's shares were up 0.3 proportionality at 494.4 pence at 1108 GMT. Reliance Industries shares were up 2 percent.
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