At an event in the Asian country, the company extended its commercial relationship with the main Indian state-owned refineries.
During India Energy Week, Petrobras renewed and expanded oil sales contracts with major Indian state-owned refiners. The agreements were signed at the meeting of global energy sector leaders, which took place last week in the city of Goa, India.
The oil sales contracts with Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) will remain in effect until March 2027.
The commercial instruments represent a potential sale of up to 60 million barrels, with a total value that could exceed US$3.1 billion. With IOC, India's largest state-owned refiner, the new contract provides for the sale of up to 24 million barrels of Brazilian oil, valid for 12 months, renewable for an equal period. With BPCL and HPCL, Petrobras increased the maximum volume of each contract from 6 million barrels to 18 million barrels, also until March 2027.
The contracts reinforce Petrobras’ presence in the Indian market and contribute to the diversification of our portfolio of oil export clients. Petrobras is committed to strengthening our strategic partnerships, expanding our global reach and generating value for Brazil,' says Cláudio Schlosser, Petrobras’ Director of Logistics, Commercialization and Markets.
India, a major global importer of oil, buys around 5 million barrels per day and is a strategic market for Petrobras.
Source: Petrobras
