India says state-run BPCL to sign $780-MM oil deal with Brazil's Petrobras
India's Bharat Petroleum Corp. Ltd. (BPCL) will buy 12 MMbbl of oil for $780 MM 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 Indian 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 tpy of sustainable aviation fuel (SAF) 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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