In a landmark development that reinforces India’s commitment to energy security, Bharat Petroleum Corporation Limited (BPCL), a leading oil and gas company, has signed a strategic term contract with Petróleo Brasileiro S.A. (Petrobras), Brazil’s national oil company, for the supply of Brazilian crude oil grades.
The agreement was signed by Mr Manoj Heda, executive director, International Trade and Risk Management, BPCL and Claudio Romeo Schlosser, director, chief logistics, commercialisation and markets officer in the presence of Mr Hardeep Singh Puri, Minister of Petroleum and Natural Gas, Government of India, Mr G. Krishnakumar, chairman and managing director, BPCL, Mr Vetsa Ramakrishna Gupta, director, Finance, BPCL and Ms Magda Chambriard, president, Petrobras.
This significant development marks a major milestone in the ongoing efforts to diversify India’s crude oil sources and strengthen energy cooperation with Brazil. The contract, initially valid for one year with an option to extend for another year, will ensure a stable and reliable supply of crude oil to BPCL’s refineries, reinforcing the long-standing partnership between the two companies.
Mr G. Krishnakumar, chairman and managing director, BPCL, said, “This agreement with Petrobras marks a significant step in BPCL’s strategy to secure stable, competitive and diversified crude supplies. 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.”
The agreement underscores BPCL’s proactive approach to navigating the complex global energy landscape, ensuring the competitiveness of its crude sourcing.
With this agreement, BPCL reinforces its commitment to ensuring energy security for India, while Petrobras strengthens its position as a reliable supplier of crude oil to the Indian market.