NEW DELHI: Reliance Industries on Tuesday said it has closed the USD 7.2 billion deal to sell 30 per cent stake in 21 oil and gas bearing areas to UK's BP Plc, an alliance the Mukesh Ambani firm is banking on to arrest sagging production at its showpiece KG-D6 gas fields.
Reliance Industries closes $7.2 bn deal with BP - Economic Times
Visit http://geicoinsuranceproducts.wordpress.com/ for GEICO Insurance Products News / Reviews.
NEW DELHI: Reliance Industries on Tuesday said it has closed the USD 7.2 billion deal to sell 30 per cent stake in 21 oil and gas bearing areas to UK's BP Plc, an alliance the Mukesh Ambani firm is banking on to arrest sagging production at its showpiece KG-D6 gas fields. "This significant step will commence the planned alliance which will operate across the gas value chain in India, from exploration and production to distribution and marketing. The completion of the deal delivers one of the largest ever foreign direct investments into India," the two firms said in separate statements. Sources said BP, as required by the government, has furnished bank guarantees for 18 blocks which are under exploration while the same for three has not been done as they have moved into development phase.Reliance Industries closes $7.2 bn deal with BP - Economic Times
