Oil PSU Bharat Petroleum Corporation Limited (BPCL) on Wednesday announced the signing of a term contract with Brazil’s national oil company, Petróleo Brasileiro S.A. (Petrobras), for the supply of 6 million barrels of Brazilian crude oil in FY26. The agreement is initially valid for one year, with an option to extend for another year, according to BPCL.
The Indian oil major stated that the purpose of the term deal is to secure a stable supply of crude oil for its refineries. BPCL is the second-largest fuel retailer in India and operates three refineries in the country, with a combined capacity of 706,000 barrels per day (bpd).
“Strengthening our crude sourcing from Brazil aligns with our long-term vision of enhancing energy security for India. Our partnership with Petrobras also reflects our commitment to deepening global collaborations and adapting to the evolving dynamics of the energy sector,” said G. Krishnakumar, Chairman & Managing Director, BPCL, in a Wednesday statement.
In another strategic partnership with an Indian energy player, Petrobras signed a non-binding Memorandum of Understanding (MoU) with ONGC Videsh, a subsidiary of Oil and Natural Gas Corporation (ONGC), to explore opportunities in upstream, marketing, decarbonisation, low-carbon solutions, and other areas.
“The agreement is aligned with Petrobras' strategy to develop partnerships that allow for the sharing of risks and expertise, seeking to strengthen the company as an integrated energy enterprise and contributing to the success of a fair and responsible energy transition,” said ONGC, in a press note.
ONGC Videsh Ltd is India’s largest international oil and gas exploration and production (E&P) company having 32 assets in 15 countries.