Will RIL-Aramco-BP partnership be a force to reckon with in the fuel retail business?

It is not only Mukesh Ambani’s Reliance Industries Ltd that would gain from the proposed deal with Saudi Aramco, but the Saudi Arabian oil giant as well as the Indian consumers will benefit too. The deal, once formalised, will see a new combination coming into play in India’s petroleum retailing business — RIL plus Aramco in partnership with BP.

Earlier this month, BP and RIL had announced that they have agreed to form a new joint venture that will include a retail service station network and aviation fuel business across India. In the joint venture, 51 per cent will be held by RIL and 49 per cent by BP. The JV will assume ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business.