Petrobras has signed a framework contract with state-owned Bharat Petroleum Corp. Ltd. (BPCL) to supply up to 6 million bbl/year to India beginning in 2025.
The contract is expected to increase India's share of Petrobras' oil exports and strengthen relations between Petrobras and the state-owned refining segment in India, said Petrobras’s director of logistics, sales, and markets, Claudio Schlosser.
India is the third largest oil importer in the world, with about 85% of its oil demand met by imports in 2024, Petrobras said. In 2024, 4% of Petrobras’s oil exports were destined for India.
The framework contract allows for periodic negotiating, following the current market reality to seek a commercial agreement. “If this agreement is reached, this pre-approved contract accelerates the operation, Schlosser said.
