first_img whatsapp whatsapp BP inks $7bn Indian deal with Reliance BP has lined up one of the biggest-ever foreign direct investments in India after agreeing to pay Reliance Industries $7.2bn (£4.4bn) to jointly explore deepwater oil and gas deposits in the country. The long-term deal with Reliance, which could see BP pour $20bn into the project, was sealed at Downing Street yesterday. BP will take a 30 per cent stake in Reliance’s oil and gas production contracts and set up a joint venture for selling gas in India, the firms said, with further payments dependent on the exploration’s success.The agreement is BP’s second cross-border exploration deal in as many months. BP is set to enter arbitration with its partners in TNK-BP next month over its £10bn share swap with Russia’s Rosneft.“It’s kind of similar to the Russian deal ­– it’s getting access to longer term positions which could be material,” said Oswald Clint from Sanford Bernstein. “But we’ve got a key risk here. The gas price is regulated, it’s not rising as quickly as people expected.”BP chief executive Bob Dudley told reporters yesterday that Reliance’s exploration spaces contain gas reserves of up to 15 trillion cubic feet, adding: “The whole world’s looking for gas, particularly in Asia… we believe it is going to be a very, very valuable fuel.”Reliance’s tie-in with BP is still subject to Indian regulatory approval, which has proved a sticking point for other energy investors in the country including Cairn and Vedanta.Reliance Industries, which runs the world’s biggest refining complex, is controlled by Mukesh Ambani, an Indian tycoon listed last year as the world’s fourth-richest man by Forbes magazine. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndocenter_img Show Comments ▼ Monday 21 February 2011 7:53 pm KCS-content Share Tags: NULLlast_img

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