BP (BP.) has just made a billion-dollar bet that petrol stations will stay relevant for a long time to come, buying a 49 per cent in Indian company Reliance. The deal has been in the works since last year, while BP has had an upstream partnership with Reliance since 2011.
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Reliance will expand massively with the $1bn (£790m) handed over by the supermajor. It currently has 1,400 retail outlets and BP said the ‘Jio-BP’ brand would aim to bring this up to 5,500 within five years. The joint venture will also cover aviation fuel.