India Invites BP And Reliance To Invest In Fuel Retailing

India's oil minister invited BP and Reliance Industries Ltd (RIL) on Thursday to invest in fuel retailing after they jointly pumped billions of dollars into a gasfield off the country's east coast.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani, who met India's oil minister Dharmendra Pradhan in New Delhi on Thursday, will hold a news conference later in the day.

"BP & RIL have invested in KG Basin," Pradhan said in a tweet after the meeting. "Invited them to invest in retail as well."

He did not elaborate.

Reliance holds a 60 percent stake in a gas block in the Krishna Godavari (KG) basin, BP owns 30 per cent while Calgary-based Niko Resources Ltd holds the rest.

(Reuters)