Shares of GP Petroleums Ltd rallied 4% on 7 May after the company announced signing a joint venture agreement with West Coast Oils LLP to form a joint venture company.

Both companies will form a joint venture to manufacture and trade specialty bitumen products and other allied commodities, including all types and grades of bitumen emulsions, PMB (Polymer Modified Bitumen), CRMB (Crumb Rubber Modified Bitumen), and other value-added bitumen.

Both businesses will contribute equally to the proposed joint venture and will be equally represented on the JV company’s board.

GP Petroleums’ joint venture with West Coast Oils LLP is poised to strengthen its market presence by broadening its product portfolio and tapping into new business areas. The partnership allows both firms to leverage their respective strengths and explore untapped markets. 

With equal investment and board representation, the alliance reflects a well-balanced collaboration aimed at accelerating growth in the bitumen sector. As the industry evolves, strategic partnerships like this are expected to be key drivers of innovation and competitive advantage.

At 11:47 am, the shares of GP Petroleums were trading 1.80% higher at Rs 38.97 on NSE.

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