Petrobras expands crude oil sales to India

During India Energy Week, Petrobras renewed and expanded crude oil sales contracts with India’s main state-owned refiners. The agreements were signed during a global energy industry leaders’ meeting, held through Friday (Jan. 30) in the city of Goa (India).
 
The crude oil sales contracts with Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) will remain in force until March 2027.
 
The commercial instruments represent potential sales 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 crude oil, with a 12-month term, renewable for an equal period. With BPCL and HPCL, Petrobras expanded the maximum volume of each contract from 6 million barrels to 18 million barrels, also running through March 2027.
 
“The contracts strengthen Petrobras’ presence in the Indian market and contribute to diversifying our crude oil export customer base. We are committed to strengthening strategic partnerships, expanding our global footprint and generating value for Brazil,” said Petrobras Director of Logistics, Marketing and Markets Cláudio Schlosser.
 
India, one of the world’s largest crude oil importers, purchases around 5 million barrels per day and is a strategic market for Petrobras.