New Delhi: Secretary, Ministry of Petroleum and Natural Gas, Government of India Sh Pankaj Jain had productive discussions with CEO Petrobras, Mr. Caio Paes de Andrade on mutually beneficial arrangements for Crude Oil export to India from Brazil & export of petroleum products to Brazil.
They witnessed the first-ever term contract between India company and Petrobras. Indian Oil Corporation Ltd. and Petrobras signed a term contract of 1.7 MMTPA.
The MoU between Bharat Petroleum Corporation Limited & Petrobras for long-term cooperation was also signed. The MoU was signed in Brasilia by Shri Arun Kumar Singh, C&MD BPCL, and Shri Caio Paes de Andrade, CEO Petrobras, in presence of Shri Pankaj Jain, Secretary, MoPNG, Indian Ambassador to Brazil, and other officials from MoPNG.
Through its fully-owned subsidiary, Bharat PetroResource Limited, BPCL has a stake in the upstream sector in an ultra-deepwater hydrocarbon block in Brazil, owned and operated by M/s Petrobras. The field development plan and final investment decision are expected to be declared soon.
They also discussed collaboration in the refining, bio-fuels & EP sectors.
India’s this effort is striking toward the diversification in its energy box by importing crude oil from brazil. Petrobras is a state-owned Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. The company operates in six business areas Refining, transportation, and marketing; Exploration and production; Distribution; Gas and Power; International exploration; and Biofuels.
News & Image Source : psuconnect.in
