5,500 Jio-BP branded  oil pumps soon

Mumbai: Five months after Reliance Industries and British energy major BP Plc announced their intent to set up nationwide fuel retail outlets, the companies on Monday signed a partnership agreement to set up 5,500 petrol pumps under the brand Jio-BP.

“BP and RIL signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year,” the companies said in a press statement.

The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.