RIL-BP incorporates India Gas Solutions to focus on global sourcing of natural gas

Posted By: Religare
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RIL-BP incorporates India Gas Solutions
In a bid to focus on the global sourcing and marketing of natural gas in India, Reliance Industries said it has incorporated India Gas Solutions to develop infrastructure to accelerate transportation and marketing of natural gas within the country, with its joint venture partner BP. “The incorporation of the joint ventutre of the compnay is a significant step in the relationship of RIL and BP and further establishes the commitment of both the parties to the Indian Market", said RIL Executive director, PMS Prasad.

Post the venture, India gas solution would commence operations with 30 employees well experienced in the gas business, both in India and internationally.

“This joint venture will assume the administration of the existing gas contracts to KGD6 customers and will also pursue other opportunities, including LNG import," added the company in a filling to Bombay Stock Exchange on November 18, 2011.

Meanwhile, the entire deal comes in line with the growing demand for gas at an exponential rate. “The need for assured gas supplies to fuel this growth is crucial and the RIL-BP partnership is in a unique position to contribute significantly in the respect," said BP India Region President and Country Head, Sashi Mukundan.

Dion Global Solutions Ltd

Story first published: Saturday, November 19, 2011, 9:30 [IST]
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