Petrobras signs agreement with Indian state company for oil supply

Last Friday (23), Petrobras signed an agreement with Indian Oil Corporation (IOC), India’s largest state-owned oil and gas company, for the supply of up to 12 million barrels of oil from Petrobras to the IOC.

The contract lasts for six months and can be renewed for another year.

At an event held in Brasília, Petrobras president Caio Paes de Andrade received India’s deputy minister of Oil and Gas, Pankaj Jain, with representatives of the government and Indian companies to discuss opportunities in the oil and gas market.

At the same meeting, Petrobras also signed a preliminary contract with Bharat Petroleum Corp, another major Indian refiner, to analyze a possible supply of crude oil in the future.

According to Petrobras, the agreements are an important step towards closer trade with the state-owned refining segment in India, and to leverage opportunities with other refiners in the Asian country.

With Indian Oil Corporation, the contract signed for the supply of oil was of the “Frame Agreement” type.

The IOC has an estimated production of 1.34 million barrels per day, in addition to controlling 11 refineries in the country and accounting for 26% of the total Indian refining capacity.

* Under supervision of Elis Barreto