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Bharat Petroleum Corp Ltd will buy 12 million oil barrels for $780 million from Brazil’s Petrobas in fiscal 2027, twice the size of its 2026 contract, to partly replace Russian oil, a government statement said on Friday.
Indian refiners are redrafting their oil import strategies, buying more oil from Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies.
The deal between the state-run refiner and Brazil’s national oil company will be signed next week at the India Energy Week conference, the statement added.
Other pacts
During the four-day conference beginning Jan 27, state-run Numaligarh Refinery Ltd (NRL) will also sign a preliminary deal with France’s TotalEnergies to build a 200 kilo tons per year sustainable aviation fuel project at Paradip in eastern Odisha state.
Additionally, NRL and explorer Oil India Ltd will sign a preliminary deal with TotalEnergies to buy liquefied natural gas (LNG) to meet future demand of the two Indian companies.
Separately, BharatPetro Resources Ltd – an unit of BPCL – is set to sign a pact with Shell to buy stakes in oil and gas companies across the world, the government statement said.
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