British Petroleum and Reliance Industries to invest in oil and gas industry in India

By Marc Castro

Oct 19, 2013 09:26 AM EDT

The top executives of BP and Reliance Industries, CEO Bob Dudley and Chairman Mukesh Ambani respectively, jointly promised fresh investments worth up to USD10 billion in oil and gas. The two also sought the Indian government's support in managing regulatory issues and to allow companies to sell natural gas at market prices.

The two business heads met with Indian Oil Minister Veerappa Moily, Indian Planning Commission's Deputy Chairman Montek Singh Ahluwalia and Indian Law Minister Kapil Sibal. Dudley also had a separate meeting with Indian Finance Minister P Chidambaram. 

The meeting between Dudley and the finance minister is related to the finance ministry's thrust to review the Cabinet's decision to substantially raise market natural gas prices. 

According to Dudley, after his meeting with the Indian ministers, "BP is hoping to play a significant role in that...I want to express BP's commitment to India. We are the largest foreign investor here across many forms. I want to let the PM know about the progress that we are makingin upstream and downstream in India."

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