BPCL ties up with Petrobras of Brazil to diversify crude sourcing

[ad_1]

In an effort to diversify sourcing of crude oil, India’s Bharat Petroleum Company Restricted (BPCL) has signed a Memorandum of Understanding (MoU) with Petrobras, the nationwide oil firm of Brazil.

BPCL is likely one of the world’s largest crude oil importers, and it majorly imports crude oil from West Asian nations together with Saudi Arabia and Iraq. Following the latest geopolitical tensions following Russia’s invasion of Ukraine, India additionally imported a major quantity of oil from Russia.

Bharat Petroleum BPCL

Reuters file

Underneath the brand new MoU, BPCL will discover extra import alternatives with Petrobras, which can assist the Indian agency to diversify its sources of provide, thus lowering dependence on a specific sector.

“The signing of the MoU will strengthen the long run crude oil commerce relationship between the 2 firms and discover potential crude oil import alternatives by BPCL on a long-term foundation,” BPCL stated in a press release.

The MoU was signed by Arun Kumar Singh, Chairman and Managing Director of BPCL and Caio Paes de Andrade, Chief Govt Officer, Petrobras.

A Mint report just lately claimed that India is planning to signal long-term contracts to import 2 million tonnes of crude oil from Brazil’s Petroleo Brasileiro SA and 1 million tonnes from Colombia’s state-run Ecopetrol SA. Is.

In the meantime, the Financial Occasions, quoting folks accustomed to the matter, just lately reported that India plans to provide 25 million tonnes of inexperienced hydrogen yearly by 2047.

The report stated that India is trying to improve its inexperienced hydrogen manufacturing to curb power imports and to cut back the economic system from fossil fuels to satisfy local weather targets.

[ad_2]

Supply hyperlink