BPCL signs strategic term contract with Petrobras for Brazilian crude oil supply

New Delhi: In a significant move to bolster India's energy security, Bharat Petroleum Corporation Limited (BPCL) has signed a strategic term contract with Petróleo Brasileiro S.A. (Petrobras), Brazil's national oil company, for the supply of Brazilian crude oil grades.

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The agreement was signed by Manoj Heda, Executive Director of International Trade and Risk Management at BPCL, and Claudio Romeo Schlosser, Chief Logistics, Commercialization, and Markets Officer at Petrobras. The signing ceremony was graced by the presence of Hardeep Singh Puri, Minister of Petroleum & Natural Gas, G Krishnakumar, Chairman & Managing Director of BPCL, Vetsa Ramakrishna Gupta, Director – Finance at BPCL, and Magda Chambriard, President of Petrobras. 

This landmark agreement represents a crucial step in diversifying India's crude oil sourcing strategy and enhancing energy cooperation with Brazil. The contract, initially valid for one year with an option to extend for another year, ensures a stable and reliable supply of crude oil to BPCL's refineries, reinforcing the longstanding partnership between the two energy giants.

Commenting on the agreement, G Krishnakumar said, "This agreement with Petrobras marks a significant step in BPCL's strategy to secure stable, competitive, and diversified crude supplies. Strengthening our crude sourcing from Brazil aligns with our long-term vision of enhancing energy security for India. Our partnership with Petrobras also reflects our commitment to deepening global collaborations and adapting to the evolving dynamics of the energy sector."

The agreement underscores BPCL's proactive approach to navigating the complex global energy landscape, ensuring competitive crude sourcing while securing India's energy needs. For Petrobras, the deal strengthens its position as a reliable supplier of crude oil to the Indian market.

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