BP deal to create unique value for shareholders: RIL

British oil major BP and Indian giant Reliance Industries (RIL) have entered into an oil and gas joint venture in which Reliance Industries will receive a whopping USD 7.2 billion from the BP.

As per the contract details and a statement given by Reliance Industries, BP will acquire a 30% stake in 23 oil and gas blocks including the KG-D6 fields in a bid to formulate the joint alliance of 50-50 between the two companies for sourcing and marketing the gas.  BP will make a payment of aggregate consideration of USD 7.2 billion with future performance payment up to $1.8 billion to Reliance Industries.

Thus, BP