BPCL signs MoU with Petrobras to diversify oil sourcing
India’s state-run Bharat Petroleum Corp said it has signed a preliminary agreement with Brazil’s national oil company Petrobras to help it diversify its crude oil sourcing.
Indian state refiners rarely buy Brazilian oil. The Memorandum of Understanding (MoU) was signed by BPCL Chairman Arun Kumar Singh and Petrobras CEO Caio Paes de Andrade, BPCL said in a statement on Saturday.
The MoU will help the company to explore sourcing of crude oil through long term contracts “especially considering the current geopolitical situations,” it added.
India recently allowed BPCL to invest $1.6 billion for developing an ultra-deep water hydrocarbon block in Brazil. The block is majority owned and operated by Petrobras.
