BP has announced plans to enter into the Indian LNG market in a joint venture with Reliance Industries, reported The Economic Times.

The announcement came during an energy conference in New Delhi. Furthermore, The Economic Times has reported that BP is positive about the deal in which it acquired a 30% stake in Reliance’s 21 oil and gas blocks for $7.2bn.

Steve Westall, Member of BP’s Executive Management Team is on record as saying, “The only way to encourage private sector investment in gas infrastructure is to allow competitive market-driven prices, especially in light of significant untapped potential of natural gas in the country.”

According to the media source, the joint venture company now plans to import liquefied natural gas (LNG) and is exploring the possibility of setting up its own LNG import terminal. Sashi Mukundan, Head of BP’s Indian Operation told the news outlet, “We plan to do both, which is to build our own LNG import terminal and in the meantime we plan to utilise capacity at existing LNG terminals across the country.”