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Reliance, BP Ink $7.2B Deal

Tue, 02/22/2011 - 5:30am
Manufacturing.net

LONDON (AP) -- BP PLC says it has signed a $7.2 billion deal with India's Reliance Industries to take a stake in key oil and gas blocks and form a joint venture to market gas.

BP said Monday it will take a 30 percent stake in 23 oil and gas blocks and form a 50:50 joint venture between the two companies for the sourcing and marketing of gas.

The deal includes potential future performance payments of up to $1.8 billion. BP says that total investment in the joint venture could amount to $20 billion.

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