India's state-owned BPCL signs $780 million oil contract with Brazil's Petrobras
India's Bharat Oil Corp Ltd. will purchase?12,000,000 oil barrels from Brazil's Petrobas for $780 million in fiscal 2027. This is?twice as much as its contract with Petrobas 2026, and will be used to replace Russian oil. A government statement was released on Friday.
Indian refiners have redrafted their oil import strategy, purchasing more oil from countries in the Middle East, Africa and South America to compensate for a decrease in Russian oil supplies.
The statement added that the deal between the Indian state-run refining company and Brazil's national petroleum company would be signed next week during the India Energy Week conference.
Other PACKS
During the four day conference starting Jan 27, Numaligarh Refinery Ltd, a state-run company, will sign a preliminary agreement with TotalEnergies of France to build an aviation fuel project in Paradip (east Odisha) that is sustainable and can produce 200 kilos per year.
NRL, along with Oil India Ltd., will also sign a preliminary agreement with TotalEnergies in order to "buy" liquefied gas (LNG) for future needs of both Indian companies.
The government said that 'BharatPetro Resource Ltd, an BPCL unit, is also set to sign a pact to purchase?stakes? in oil and natural gas companies around the world. Reporting by Nidhi Mukherjee and Hritam Verma from New Delhi; editing by Janane V. Venkatraman
(source: Reuters)
