New Delhi: In a landmark improvement to diversify crude oil sourcing for vitality safety in India, Bharat Petroleum Company Restricted (BPCL), a ‘Maharatna’ and a Fortune World 500 Firm on Saturday signed a Memorandum of Understanding (MoU) with Brazilian oil agency Petrobras.
The signing of the MOU will strengthen future crude oil commerce relations between the 2 firms and discover potential crude import alternatives by BPCL, on a long run foundation, particularly contemplating the present geopolitical conditions.
The MoU was signed by Arun Kumar Singh, Chairman & Managing Director, BPCL and Caio Paes de Andrade, CEO Petrobras, in presence of Pankaj Jain, Secretary, MoPNG, Indian Ambassador to Brazil and different officers from MoPNG, in Brazil.
Earlier, Mint reported on 16 September about India set to signal long-term contracts to acquire at the least 2 million tonnes (mt) of crude from Brazil’s Petroleo Brasileiro SA (Petrobras) and 1 mt from Columbia’s state-run Ecopetrol SA.
Talking on the event, Arun Kumar Singh, C&MD BPCL, mentioned, “We’re delighted to announce that we as an organization are shifting a step additional and attempting to raised the vitality safety in our nation. This affiliation with Petrobas will hopefully assist us obtain the required objective.“
“The newest approval by PM Modi’s cupboard to spend money on Brazil will assist diversify India’s crude oil provide and is an try to acquire fairness oil abroad. Strengthening India’s foothold in Brazil will additional open enterprise avenues in neighboring Latin American international locations,” he added.
“Via its absolutely owned subsidiary, Bharat PetroResources Restricted (BPR), BPCL has a stake within the upstream sector in an ultra-deep water hydrocarbon block in Brazil, owned and operated by Petrobras,” the corporate mentioned in an announcement.
The sector improvement plan and remaining funding determination is anticipated to be declared quickly,
For the primary time, India will likely be inking a long-term provide cope with Petrobras, one of many few world oil majors rising manufacturing.
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Supply: Live Mint