Hindustan Petroleum Corp Ltd (HPCL) has contracted Petroleo Brasileiro SA (Petrobras) for the supply of up to 6m barrels of crude. With the one-year agreement, "Petrobras will now supply oil to India’s three main state-owned refiners,” Brazil’s state-owned Petrobras said in a press release.
It previously signed contracts for Bharat Petroleum Corp Ltd (BPCL) and Indian Oil Corp (IOC). Under the earlier contracts, Petrobras has exported over 20m barrels to the South Asian country.
Petrobras “is constantly assessing all markets in search of the best placement for its exported oil volumes, negotiating barrels under both contractual and spot modalities,” the company added.
The contract was signed in India during an official mission by Brazilian Minister of Development, Industry, Trade and Services and Vice President Geraldo Alckmin.
On 12 February Petrobras and Bharat Petroleum said they had signed a petroleum supply contract. Petrobras said it will deliver up to 6m barrels a year to the Indian state-owned refiner starting in 2025. Neither company disclosed the duration of the contract.
On 26 September, 2022, Petrobras announced an agreement to supply IOC with up to 12m barrels of oil for six months, renewable for one year. Petrobras' latest supply deal with an Indian refiner comes as the South Asian country faces pressure from the Trump administration over Russian oil imports.
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