BP may sell some global assets to India's Reliance: report

NEW DELHI Wed Sep 28, 2011 11:26pm EDT

A BP logo is seen on a petrol station in London November 2, 2010. REUTERS/Suzanne Plunkett

A BP logo is seen on a petrol station in London November 2, 2010.

Credit: Reuters/Suzanne Plunkett

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NEW DELHI (Reuters) - BP (BP.L) will discuss divesting some of its assets in Europe and North America to India's Reliance Industries (RELI.NS) as it seeks to deepen its partnership with India's largest private sector company, the Economic Times reported on Thursday, citing the British group's chief executive.

Bob Dudley told the newspaper the company had announced $25 billion to $30 billion worth of divestments and would continue to manage its portfolio with more asset sales.

BP had acquired a 30 percent stake in 23 oil and gas blocks in India from Reliance earlier this year, in a deal worth $7.2 billion.

Reliance Chairman Mukesh Ambani had said on Wednesday the company's partnership with BP would not be limited to India, but was initially focusing only on opportunities in the country.

"...I will sit down with Mukesh and the team at Reliance and see what their aspirations are and there may be prospects there," Dudley, who met with Indian government officials in New Delhi on Wednesday, was quoted as saying by the Economic Times.

"There might be some divestments, they might be joining us in some projects, or it could be that we identify new projects together -- acquisitions, entry into other kinds of projects, so I think all the scope is there," he told the newspaper, adding there was potential for some in North America and Europe.

Reliance and BP in India were not immediately available for comment on the report.

For the newspaper story, see www.economictimes.com

(Writing by Devidutta Tripathy; Editing by Ranjit Gangadharan)

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