SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 13 October, 2005
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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October 13, 2005
BP AND HPCL SIGN LETTER OF INTENT TO FORM A
REFINING AND MARKETING JOINT VENTURE IN INDIA
BP p.l.c. and Hindustan Petroleum Corporation Limited (HPCL) announced today
that they have signed a letter of intent to form a 50/50 strategic joint venture
covering the refining and marketing sector in India.
One of the joint venture's first major projects will be the construction of a $3
billion refinery, with an annual capacity of at least 9 million tonnes (180,000
barrels a day), at Bhatinda, in Punjab, India. At the same time, the partners
will begin to develop a joint marketing activity, including the establishment of
a retail service station network, in preparation for the refinery coming on
stream in 2009.
In addition, the joint venture will provide assistance in crude selection and
supply for other refineries of HPCL.
This strategic partnership would also provide opportunities for HPCL to acquire/
participate in refining & marketing assets that the BP group may identify from
its overseas portfolio.
The agreement was signed by Mr John Manzoni, BP's chief executive of refining
and marketing, and Mr Mahesh Behari Lal, Chairman of HPCL, in the presence of Mr
Mani Shankar Aiyar, Minister of Petroleum and Natural Gas, and Lord Browne,
group chief executive of BP, at a ceremony in Delhi.
"India is one of the fastest growing energy markets in the world and we have
been evaluating a range of potential areas where BP might become involved," said
Lord Browne. "This strategic partnership with HPCL marks a major step forward
for us and I'm delighted to be in India for the actual signing."
"The strategic partnership of HPCL and BP would provide a platform for
addressing India's energy needs. The companies would work together to achieve
energy security for India through co-operation in petroleum business
opportunities both in India and overseas," said M B Lal. "It would also support
HPCL's broader visions for the future."
The two companies will now establish a joint working group to progress the
development of the joint venture and also examine a range of other
opportunities, including some outside India.
Notes to Editors:
* Hindustan Petroleum Corporation Limited (HPCL) is the second largest
integrated refining and marketing company in India with a turnover of
Rs 646.89 billlion ($14.7 billion). It has two fully owned coastal
refineries at Mumbai and Vishakhapatnam and one joint venture refinery at
Mangalore. Between them, these refineries supply 20 per cent of India's
product requirements.
* BP's largest business in India is Castrol India Ltd and the Castrol brand
holds a leading position in the retail automotive segment. BP also has a JV
with the Tata Group - Tata BP Solar - to manufacture and sell photovoltaic
cells and also carries out some oil and chemical trading activities in India.
- ENDS -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 13 October 2005 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary