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INDIA
BUSINESS WORLD -
OCTOBER 2005
THE MONTH THAT WAS
BP, HPCL SIGN MOU
The strategic tie
up between BP, the world's second largest company in the Fortune
500 ranking, will be kicked off with a joint venture company
for the 9 million tonne Bathinda refinery, where each of them
will hold equal stake. The two companies will form the JV
and outline the broader strategic partnership in a months'
time. The two companies today signed a memorandum of understanding
to mark the strategic partnership. The "letter of intent"
between the two companies also talks about BP's plans to enter
the retail and marketing segment in the oil sector. BP will
be required to invest Rs 2,000 crore to become eligible for
marketing rights.
Speaking at a press
conference, Sir Lord Browne group chief executive BP plc said:
"India is one of the fastest growing energy markets and
we have been evaluating a range of potential areas where BP
might become involved."
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