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Cabinet approves $7.2 bn Reliance-BP deal

Cabinet approves $7.2 bn Reliance-BP deal
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First Published: Fri, Jul 22 2011. 05 53 PM IST
Updated: Fri, Jul 22 2011. 05 53 PM IST
Mumbai: Cabinet has approved a $7.2 billion deal between Reliance Industries and BP, two local television channels said on Friday.
Oil ministry had earlier recommended approval for the deal.
Reliance agreed in February to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to global oil & gas major BP, and is expected to benefit from BP’s deepwater exploration expertise.
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First Published: Fri, Jul 22 2011. 05 53 PM IST
More Topics: RIL | BP | Reliance Industries | Oil | Deal |