Reliance Industries (RIL) and British energy major BP on Thursday annnouced the creation of a joint venture energy vertical to work across the entire value chain, involving investment of $6 billion, or Rs 40,000 crore.
This would also develop their existing deep water gas fields in India’s eastern offshore to bring to fresh production 1 billion cubic feet per day of natural gas by 2022.
“We will invest Rs 40,000 crore over many years as new investment to bring in 30-35 million cubic metres of gas in next three-to-five years and sustain it over seven-to-eight years,” Reliance Industries Chairman Mukesh Ambani said at a press briefing here. Read more
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